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Bitcoin Price Slips While US Treasury Yields Soar, Oil Prices Climb

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Bitcoin Price Slips While US Treasury Yields Soar, Oil Prices Climb

Bitcoin Magazine

Bitcoin Price Slips While US Treasury Yields Soar, Oil Prices Climb

Bitcoin’s price slid on Wednesday, just as U.S. Treasuries surged, with the 10-year yield climbing above 5% and reaching — its highest level since 2007. 

The price of the leading cryptocurrency was down 2% over a 24-hour period Wednesday afternoon in New York, and was trading hands for $84,357. 

Bitcoin’s price had surged earlier in the week as investors piled into exchange-traded funds. At one point, it soared as high as nearly $87,330. 

JUST IN: 🇺🇸 U.S. Treasury Department to buy back up to $6 billion in longer-term debt tomorrow. 👀

Buy Bitcoin 🚀 pic.twitter.com/nZm3BNqiVH

But its rally has since cooled. It dropped further on Wednesday afternoon around the time the U.S. Treasury said it will purchase up to $6 billion of longer-dated government debt on Thursday. 

Bitcoin previously benefited from the Treasury Department’s announcement of buybacks — having its best run in months — but this time dropped.

The 10-year Treasury yield climbed above 5% on Wednesday for the first time in 19 years, after September’s flash PMI data came in well ahead of forecasts and pushed the composite index to a five-year high.

Inflation details added to the pressure: input costs across manufacturing and services rose to their highest level since October 2022, driven largely by fuel and transportation, while wage pressure also strengthened. 

Rising yields are typically a headwind for bitcoin’s price. When safe government bonds pay 5%, holding an asset that generates no income becomes more expensive.


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