Bitcoin traded near $83,200 on Sept. 24 as a sharp rise in the 10-year US Treasury yield added pressure to the cryptocurrency market, according to Cointelegraph. The yield reached its highest level in 19 years, while market pricing put the odds of a Federal Reserve interest-rate hike at about 75%. Higher Treasury yields and expectations for tighter monetary policy were key features of the market backdrop. The Treasury was also preparing a $6 billion buyback of long-dated bonds. Bitcoin’s move below $84,000 places the asset at the center of a broader market reaction to changing rate expectations and elevated long-term government bond yields. The development is relevant to other crypto assets tracked alongside Bitcoin, including ACH, BILL, LION, NEAR, ONG, RED and LON, although the supplied report provides no individual price moves for those tokens.
