Bitcoin falls below $86,000

Mixed dynamics have been observed among major assets in the cryptocurrency market over the past 24 hours, APA-Economics reports.

According to the CoinMarketCap platform, Bitcoin fell 0.50% over the past 24 hours to $85,578.17. However, the cryptocurrency has gained 3.02% over the past seven days and 6.97% over the past 30 days.

Ethereum declined 0.46% to $2,701.20, BNB fell 1.30% to $781.40, while Bitcoin Cash dropped 1.68% to $314.47. Solana also decreased by 0.24% to $120.13.

Meanwhile, Zcash rose 0.95% to $1,343.16, Monero gained 3.23% to $562.99, and Bittensor increased 0.14% to $301.81.

Gold-backed PAX Gold (PAXG) fell 0.25% to $4,137.53. The CoinMarketCap 20 Index declined 0.63% over the past 24 hours to 177.17 points.

Overall, the cryptocurrency market capitalization decreased by 0.35% to $2.91 trillion.

Analysts say Bitcoin is under pressure from a renewed rise in US Treasury yields and a strengthening dollar. Although weak US labor market data have reduced the likelihood of an interest rate hike in October, long-term bond yields remain close to their highest levels in 24 years amid concerns over inflation and government debt. This is limiting faster gains in risk assets such as cryptocurrencies.