Bitcoin hovered near $83,900 during Thursday’s Asian trading session, shedding over 2% in 24 hours after briefly approaching $87,300, according to CoinDesk data. The benchmark 10-year U.S. Treasury yield closed Wednesday at 5.11%, jumping 15 basis points in a single session, per Treasury Department figures.
Dogecoin bore the brunt of the selloff, tumbling 7% to just above $0.09. Zcash (ZEC), XRP, and Hyperliquid (HYPE) each declined between 5% and 6%, while Ether (ETH), Solana (SOL), and BNB dropped 2% to 3%. Tron (TRX) remained relatively flat.
In traditional markets, Brent crude reversed course, surging more than 4% to nearly $104 a barrel and snapping a six-session decline that had alleviated inflation concerns. Meanwhile, S&P Global’s flash U.S. Purchasing Managers’ Index showed business activity expanding at its fastest pace in over five years, with the composite index hitting 58.4—its highest level since July 2021.
Adding to pressure on bonds, the Treasury’s $70 billion auction of five-year notes attracted tepid demand. The sale cleared at a yield of 5.033%, the highest since 2006 and roughly 3 basis points above pre-auction trading levels, indicating buyers required a premium to absorb the debt.
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