Dogecoin down 8%, bitcoin under $84,000 as Treasury yields hit highest level since 2007
- Bitcoin fell more than 2% to about $83,900 as rising Treasury yields increased pressure on nonyielding and leveraged assets.
- Dogecoin led a broad cryptocurrency sell-off with a 7% decline, while Zcash, XRP and Hyperliquid each lost 5% to 6%.
- Strong U.S. business activity, higher oil prices and weak demand for five-year Treasury notes pushed yields higher ahead of Friday’s roughly $14 billion options expiration.
Bitcoin traded near $83,900 as of Thursday Asian morning hours, down more than 2% over 24 hours after touching nearly $87,300, CoinDesk data show. The 10-year U.S. Treasury yield closed Wednesday at 5.11%, up 15 basis points in a day, according to Treasury data.
DOGE took the worst of it, falling 7% to just above 9 cents. ZEC, XRP and HYPE each lost between 5% and 6%, while ether, SOL and BNB fell 2% to 3%. TRX held flat.
Brent crude turned first, climbing more than 4% to nearly $104 a barrel and ending a six-session slide that had been easing inflation worries. S&P Global's flash survey of U.S. businesses followed, showing output growing at its fastest pace in more than five years, with the composite index at 58.4, its highest since July 2021.
The Treasury's $70 billion sale of five-year notes landed later in the day and drew weak demand. It cleared at 5.033%, the highest auction yield since 2006 and about 3 basis points above where the notes traded just before the sale, meaning buyers demanded extra yield to take on the debt.