Bitcoin Slips Below $84K as 10-Year Yield Hits 2007 High

Bitcoin slipped below $84,000 during Asian trading hours on Thursday, falling to around $83,200 as the US 10-year Treasury yield climbed to its highest level since 2007.

Yields climb as Fed hike bets build

The 10-year yield advanced to 5.15%, a level last approached in July 2007, while the 30-year bond yield rose to 5.44%, its highest in more than two decades.

Data from CME’s FedWatch tool showed the odds of a Federal Reserve rate hike at the Oct. 28 meeting topping 75%, up from roughly 49% just a week earlier.

Oil added to the pressure, with WTI crude rising 1.5% to $93.57 a barrel and Brent jumping 2.1% to $105.21.

Vail Hartman, US rates strategist at BMO Capital Markets, pointed to strong purchasing managers’ index data from S&P Global and wrote in a Wednesday note:

“If anything, the data reinforces the risk of a renewed acceleration in demand-driven inflation even if supply-side inflation subsides.”

Stocks slide alongside bitcoin

Nasdaq-100 futures fell about 1%, S&P 500 futures dropped 0.6%, and Dow futures slipped roughly 215 points.

Overseas, China’s CSI 300 lost 1.73% and Europe’s Stoxx 600 fell 0.4%, though Japan’s Nikkei 225 finished the session 0.76% higher.

Separately, Treasury Secretary Scott Bessent said the US and China will extend their trade truce until mid-January, ahead of a planned summit between President Donald Trump and Chinese leader Xi Jinping.