Bitcoin Price Declines as US Treasury Yields Hit 19-Year High

Bitcoin's price fell by 2% on Wednesday, trading at $84,357, as the 10-year U.S. Treasury yield surpassed 5% for the first time since 2007. The decline followed strong PMI data and rising inflation concerns, which typically pressure risk-on assets like Bitcoin. Additionally, the U.S. Treasury Department announced plans to buy back up to $6 billion in longer-term debt, a move that previously supported Bitcoin but failed to prevent a price drop in this instance.