Crypto Slump: Bitcoin Drops Below $84,000

Surging US Treasury yields to multi-year highs have triggered a broad sell-off across digital asset markets.

The cryptocurrency market experienced sharp declines, with Bitcoin falling below the $84,000 threshold and Dogecoin sliding roughly 8%. According to reports by CoinDesk and bloomingbit, the downturn triggered liquidations totaling more than $510 million.

The decline coincided with a surge in US Treasury yields to their highest levels since 2007, reaching 5.11% according to CryptoRank. The rise in borrowing costs was driven by a rebound in oil prices, strong US business survey data, and weak demand at an auction for five-year Treasury notes.