Bitcoin slipped below $84,000 on Thursday, September 24, as rising U.S. Treasury yields weighed on cryptocurrency markets. Dogecoin fell more sharply, while stronger economic data fueled concerns about further interest-rate hikes.
During Asian morning hours, Bitcoin traded around $83,900, down more than 2% over 24 hours, CoinDesk reported. Dogecoin (DOGE) dropped 7% to slightly above $0.09. Ether, Solana, and BNB fell 2% to 3%, while XRP, Zcash, and Hyperliquid’s HYPE token lost 5% to 6%.
The selling followed a sharp move in government borrowing costs. The 10-year Treasury yield finished Wednesday at 5.11%, rising 15 basis points, CNN reported. Reuters separately reported that the benchmark 10-year Treasury yield reached its highest level since 2007.
Higher bond yields increase competition for investor capital and can make speculative positions less attractive.
S&P Global’s preliminary September survey showed U.S. business activity expanded at its fastest pace since July 2021. Its composite output index climbed to 58.4 from 56.0 in August, which marks a fourth consecutive month of accelerating growth.
The survey also showed stronger hiring and mounting costs. Employment grew at its fastest pace in more than four years, while input-cost inflation reached a near four-year high.
S&P Global said the combination of strong demand and persistent inflation pointed toward tighter interest-rate policy.
Rising oil prices added another source of pressure. Brent crude climbed more than 4% to nearly $104 a barrel, ending six consecutive sessions of decline. Meanwhile, a five-year Treasury auction produced a yield of 5.033%, WSJ reported.
Traders also face Friday’s roughly $14 billion options expiry on Deribit.
CoinDesk reported that Ledn co-founder Mauricio Di Bartolomeo flagged substantial call-option positioning at the $85,000 strike price, a level Bitcoin was trading below on Thursday morning.
The expiry falls immediately after the latest broad market decline.
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