Bitcoin drops over 2% as 10-year Treasury yield hits 2007 high

  • Bitcoin fell more than 2% toward $83,900 during Thursday Asian hours as higher Treasury yields pressured risk assets.
  • The 10-year Treasury yield closed at 5.11%, up 15 basis points, while the $70 billion five-year auction cleared at 5.033%, its highest yield since 2006.
  • The Nasdaq fell 1.1% after two record closes, while markets watched the Trump-Xi meeting and bitcoin remained below Deribit’s $85,000 options strike.

Bitcoin traded near $83,900-$84,063 during Thursday Asian hours, down more than 2% in 24 hours after retreating from roughly $87,300-$87,400, as rising global bond yields pressured risk assets. The 10-year U.S. Treasury yield closed at about 5.11%, up 15 basis points and its highest level since 2007, while a strong composite PMI and weak five-year note auction reinforced rate concerns. The dollar index held near 101.1, markets priced roughly a 70% chance of another 25-basis-point Federal Reserve increase in October, and the Nasdaq fell 1.1% after two record closes. Investors also focused on the Trump-Xi meeting, oil near $104 a barrel and Friday's roughly $14 billion Deribit options expiry.

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