Bitcoin fell below $84,000 on Thursday, September 24, as altcoin losses deepened. Rising Treasury yields following strong US economic data weighed on risk appetite in the crypto market.
At the time of writing, Bitcoin was trading at $83,973, down 2.97% over the past 24 hours. Ethereum fell 2.69% to $2,682, while Dogecoin and XRP posted steeper declines.
CoinDesk highlighted strong US business activity data, a rebound in oil prices, and weak demand at a five-year Treasury auction as factors behind the sell-off. These developments, alongside rising borrowing costs, added pressure on crypto assets.
Strong US Data Shifts Interest Rate Expectations
S&P Global’s flash US Composite Purchasing Managers’ Index (PMI) rose to 58.4 in September from 56 in August. The indicator, which covers manufacturing and services, reached its highest level since July 2021.
According to Reuters, the US 10-year Treasury yield climbed 8.7 basis points to 5.054%. That brought the benchmark yield to its highest level since 2007.
Meanwhile, futures markets priced in a 73% probability of a Fed rate hike in October, up from 53%. This figure reflects market expectations; it does not represent a confirmed Fed decision.
Stronger economic activity keeps the possibility of tighter monetary policy in focus. With inflationary pressures persisting, robust demand can reinforce expectations that interest rates will remain elevated.
Rising Treasury yields can also affect the crypto market through this channel. As interest-bearing assets become more attractive, investors demand higher returns from volatile assets, potentially limiting demand for Bitcoin and altcoins.
Dogecoin and XRP Lead Losses
Market data at the time of writing showed Dogecoin falling 7.22% over the past 24 hours to approximately $0.0941. XRP traded at $1.5033, down 6.62%.
Zcash’s daily loss reached 6.41%, bringing its price to approximately $1,515.50. Hyperliquid’s HYPE token also declined 5.04% to $92.51.
Solana fell 2.96% to $114.91, while BNB dropped 2.32% to $772.50. A substantial portion of the major crypto assets shown in the market snapshot therefore remained in negative territory over the past 24 hours.
However, the intensity of the selling varied across assets. Dogecoin and XRP recorded daily percentage losses more than twice Bitcoin’s, while TRON posted a smaller decline of 0.21%.
Bitcoin’s trading volume over the past 24 hours reached approximately $44.24 billion. Ethereum recorded $16.47 billion in volume, while XRP registered $6.47 billion.
These figures represent total trading activity. Trading volume therefore cannot be interpreted as the amount of money leaving the market.
Weekly Gains Remain Intact
Despite the daily declines, weekly returns in the same market snapshot remained positive. Bitcoin gained 10.04% over the past seven days, while Ethereum rose 10.16%.
Dogecoin’s weekly gain stood at 16.47%, compared with 16.05% for XRP. Solana retained a weekly advance of 15.52%, while HYPE was up 17.41%.
This suggests that the latest selling erased part of the gains from previous days. Although daily losses became more pronounced, the assets covered had yet to surrender their entire weekly advances.
The latest crypto market moves brought the influence of US interest rate expectations back into focus. With strong economic data, rising Treasury yields, and a rebound in oil prices creating pressure simultaneously, Bitcoin traded below $84,000 while altcoins recorded losses of varying sizes.
