Bitcoin Slips Below $84,000 as Fork Tokens Rise

Bitcoin fell below $84,000 during Asian trading on Thursday, trading near $83,200 after retreating from a recent move toward $87,000. The decline coincided with rising U.S. Treasury yields and higher market expectations for a Federal Reserve rate increase, while Bitcoin Cash and Bitcoin SV advanced in separate, event-driven moves. The U.S. 10-year Treasury yield closed Wednesday at 5.11%, up from 4.96% the previous session, and reached 5.13% intraday, its highest level since 2007, according to the reports. Stronger U.S. business indicators and higher energy prices were cited as factors behind the rise. Higher yields can make government debt more attractive relative to riskier assets, including cryptocurrencies, though the available reporting does not establish a single cause for Bitcoin’s price decline. DHF Capital CEO Bas Kooijman said markets were assigning about a 70% probability to an October rate increase, up from roughly 55% the previous day. CME Group’s FedWatch tool showed a 75.3% probability of a move to a 4.00% to 4.25% range. Those figures reflect market pricing, not a Federal Reserve decision. The Fed’s next policy meeting is scheduled for October 28.