Bitcoin
Bitcoin Drops Below $84,000 as Strong US PMI Data Pushes Yields Higher
A surprise surge in US business activity boosted Treasury yields, reversing an earlier Bitcoin rally above $87,000.
Bitcoin fell below $84,000 on Wednesday following the release of stronger-than-expected US economic survey data that pushed government bond yields higher. The drop reversed an earlier intraday advance that had lifted Bitcoin above $87,000 on Binance.
The S&P Global flash Purchasing Managers’ Index showed the US composite reading increased to 58.4 in September from 56.0 in August, representing the fastest pace of growth since July 2021. The manufacturing reading rose to 57.0 from 53.9. S&P Global Market Intelligence noted that input costs rose at their sharpest rate in years, driven higher by fuel and transportation expenses.
Following the survey release, the 10-year US Treasury yield climbed to 5.058%, up from a previous close of 4.96%. The rise in yields, which reduces demand for non-yielding assets like Bitcoin, followed a Federal Reserve rate hike on September 16 that brought the benchmark rate to a range of 3.75% to 4.00%.
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