Bitcoin Slips Below $83,000 as Yields Hit 2002 High
Bitcoin fell below $83,000 on Thursday as rising US Treasury yields, a stronger dollar and higher oil prices weighed on risk assets.
The 10-year Treasury yield touched an intraday high of 5.361% and the 30-year yield hit 5.730%, their highest since 2002, according to Dow Jones Newswires via Morningstar.
Around $550 million in leveraged long positions were wiped out, mostly from traders betting on higher prices, CoinGlass data showed.
Spot crypto ETFs recorded net outflows of over $200 million in the session.
Ethereum traded near $2,560, down about 3%, while XRP slid nearly 4% to about $1.42, per CoinDesk.
Markets are pricing only a 19 to 22 percent chance of an October Federal Reserve rate hike. Buyers are accumulating around $81,000 to $82,000, providing a support layer, analysts said. The S&P 500 and Nasdaq also fell on Wednesday after surging to record highs the day before, further denting optimism around crypto.
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