Bitcoin Hovers at $84K as Treasury Yields Hold Near Multi-Year Highs

In brief

• BTC traded around $84,000 Tuesday, up 0.9% on the day, while spot Bitcoin ETFs notched eight consecutive sessions of inflows totaling around $3 billion.
• The 10-year Treasury yield is at its highest since 2007, while Brent crude has eased from Monday's peak.
• Futures markets put the odds of an October Fed hike at 70.3%, up from 55.4% a week ago.

Bitcoin was trading at around $84,000 on Tuesday, up 0.9% over 24 hours but down 2% across the week, according to CoinGecko data, holding a range it has occupied for a fortnight while the assets around it move against it.

The pressure is coming from outside crypto. Treasury yields are sitting near multi-year highs, driven largely by oil. The 10-year peaked at 5.274% on Monday, its highest since June 2007, and the 30-year at 5.583%, a level last seen in 2002. Both eased slightly on Tuesday, the Wall Street Journal reported, as crude turned lower. Brent moved back above $100 a barrel on Monday after President Donald Trump rejected Iran's seven-day plan to end the war and reopen the Strait of Hormuz, lifting the dollar with it. Brent then fell below $104, down about 1.7% on the day after topping $108 on Monday, as US and Iranian officials continued indirect contacts through Qatar and Saudi Arabia restored roughly half the flows through its East-West pipeline, an alternative route to the Strait of Hormuz. Gold has fallen to a seven-week low.