Dogecoin down 8%, bitcoin under $84,000 as Treasury yields hit highest level since 2007 — SkimNews
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- Bitcoin fell more than 2% to about $83,900 after touching nearly $87,300, and now sits below the $85,000 strike where Ledn co-founder Mauricio Di Bartolomeo flagged a large call block ahead of Friday's roughly $14 billion Deribit options expiry.
- Dogecoin led losses with a 7% decline to just above 9 cents; Zcash, XRP, and Hyperliquid fell 5-6%, while ether, SOL, and BNB dropped 2-3% (TRX held flat).
- The 10-year U.S. Treasury yield closed Wednesday at 5.11%, up 15 basis points in a day — its highest level since 2007 — after the Treasury's $70 billion five-year note auction drew weak demand.
- That five-year note auction cleared at 5.033%, the highest auction yield since 2006 and about 3 basis points above where the notes traded just before the sale, signaling buyers demanded extra yield.
- Brent crude climbed more than 4% to nearly $104 a barrel, ending a six-session slide, while S&P Global's flash U.S. business survey showed output growing at its fastest pace in over five years (composite index 58.4, highest since July 2021).
Why it matters: Higher yields raise the bar for holding assets that pay nothing, the source notes, so crypto's drop is being driven by a hot-economy backdrop — strong business activity, rebounding oil, and weak demand at the Treasury auction — rather than financial stress. With Bitcoin now trading below the $85,000 strike holding a large call block, Friday's roughly $14 billion Deribit expiry could magnify moves in either direction.
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