Bitcoin Price Faces Pressure as U.S. Treasury Yield Hits 22-Year High

Key Insights:

• Bitcoin price fell 2.8% to $83,443 as Treasury yields and the dollar moved higher.
• Tradeweb recorded a 5.444% 30-year yield, the highest reading since 2004.
• U.S. spot Bitcoin and Ether ETFs attracted a combined $452 million on September 23.

Bitcoin price faced new pressure on Thursday as long-dated government borrowing costs climbed across major markets. In midmorning European trade, U.S. Treasury and German Bund yields reached multiyear highs.

The dollar also rose to an eight-week high against a basket of currencies. Bitcoin traded at $83,443, down 2.8% over 24 hours. However, it remained 8.80% higher over seven days. The global cryptocurrency market gained 8.40% during the same period.

That placed the Bitcoin price move within the day’s broader fixed-income developments.

U.S. Treasury Yield Sets Bitcoin Price Backdrop

Tradeweb data put the 10-year U.S. Treasury yield at 5.148%. That marked its highest level since 2007. The 30-year U.S. Treasury yield rose to 5.444%, its highest level since 2004. Together, the moves extended Wednesday’s U.S. sell-off, during which yields rose by 10 to 15 basis points.

Meanwhile, the 10-year German Bund yield rose more than four basis points to 3.579%. That placed the yield at its highest level since 2009. The 10-year U.K. gilt yield added 6.1 basis points to 5.381%. At the same time, the DXY dollar index reached 101.238, its highest level since late July.