Live updates: Bitcoin pulls back to $84,000 as bond yields fly higher

liveUpdated 9 minutes ago

Bitcoin matched Monday’s high near $87,300 before running into selling, while bitcoin cash surged 28% on a CME futures listing and ZEC added 9%.

By Shaurya Malwa, Omkar Godbole, Stephen Alpher, and James Van Straten|Edited by Stephen Alpher

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Holding to only modest losses throughout the morning, crypto prices have turned decidedly lower in the past few minutes.

Bitcoin (BTC) is now down 2.25% over the past 24 hours and below $84,000. Ether (ETH), solana (SOL), and XRP (XRP) are each down closer to 3%.

The Nasdaq is now off by 1.15%, led by 2%+ declines for Google, Broadcom, and Amazon.

Putting pressure on risk markets are soaring global interest rates. The U.S. 10-year Treasury yield is up 11 basis points to an almost 20-year high of 5.06%. German 10-year Bund yields are up 8 basis points to 3.53%, and 10-year yields in Spain and Italy are higher by 12 basis points.

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Addressing the United Nations General Assembly one day after President Trump, Iranian President Masoud Pezeshkian said his country has the right to develop nuclear technology.

The nuclear issue, he said, won’t be solved on the battlefield, and expanding the war won’t bring security.

Oil is trading near session highs, WTI crude up 1.7% to $92.10 per barrel.

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Bitwise’s Altseason Index reached 90% this week, meaning nine in 10 tracked altcoins outperformed bitcoin over the past seven days and signaling the altseason has begun, according to the asset manager’s latest Crypto Market Compass.

The index also showed 65% of tracked tokens beat bitcoin over the past month, a reading Bitwise said has historically coincided with continued short- to medium-term outperformance by major altcoins.

Ethereum, Solana, Zcash and Hyperliquid were among the stronger performers, while altcoin exchange-traded products excluding ether attracted about $166 million, their largest weekly inflow of the year, Bitwise said. Delphi Digital separately said 82% of the altcoins on its sector dashboard ended the month higher, with all 10 sectors posting positive average returns. In its X post, it asked: “Could the altseason be back?”

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It’s new cycle highs across the U.S. yield curve on Wednesday as oil bounces following several days of declines and the economic data continues to come in strong.

Normally not that closely followed, but making some noise today, the preliminary S&P Global Manufacturing PMI jumped to 57 in September from 53.9 previously, and against forecasts for a small dip to 53.5.

The S&P Global Services PMI rose to 58.7 from 56.5 and versus estimates for 56.

The 10-year U.S. Treasury yield has popped higher by a whopping 9.4 basis points to 5.042%. The two-year yield — which would be more closely tied to Fed monetary policy — is up 5.6 basis points to 4.833%.

The U.S dollar index is higher by 0.4% (a large move for that gauge) to its strongest level since late July.

About thirty minutes into the trading day, the Nasdaq is down 0.55%. Bitcoin is at $85,800, down 0.55% over the past 24 hours.

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Bitcoin approaches Friday’s $18 billion quarterly options expiry around $85,000.

Bitcoin has gained roughly 8% in September and just under 50% for the third quarter.

Bullish call positioning and dealer hedging has helped fuel the rally, but those flows could fade after Friday’s settlement, potentially increasing short-term volatility as traders roll exposure into October and December, towards year-end.

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WTI crude oil has rallied more than $2 per barrel from session lows — much of the move coming in the last few minutes. It’s now up 0.5% for the day at $90.93 per barrel.

There’s no particular news, though the WSJ reports that U.S. oil executives — who thought they had convinced the Trump administration not to impose a diesel fuel export ban — now aren’t so sure after the president’s comments on the sidelines of the UN General Assembly meeting yesterday.

The move in oil has helped push the U.S. two-year Treasury yield to a new cycle high at 4.79%, with odds of an October Fed rate hike rising to more than 53%.

Bitcoin has slipped to a session low of $85,500.

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A wallet holding 600 bitcoin that had not moved since July 2012 transferred the coins, worth about $51.9 million, to a new address on Monday, according to onchain data flagged by Galaxy Research via an X post on Tuesday. The bitcoin holding was received more than 14 years ago, when it was worth roughly $8 token.

The move appears to be a wallet migration from a legacy bitcoin address to a Native SegWit wallet, suggesting the owner is undertaking a long-term migration or consolidation rather than a liquidation. The coins were not sent to a known exchange address, and the recipient remains unidentified. Other long-dormant wallets were recently moved by Satoshi-era holders without using exchanges, thereby limiting evidence of immediate selling pressure.

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Bitcoin Cash jumped 28% to nearly $349 over 24 hours, the largest move among sizeable tokens, after CME Group said on Monday it will list Bitcoin Cash and Uniswap futures from Oct. 19.

Futures on a regulated U.S. exchange give funds a way to take a position without holding the coin, which matters for institutions whose mandates bar them from custodying crypto directly. It also gives market makers a hedging venue, which usually tightens spot pricing.

Bitcoin itself is trading around $85,800, down under 1% over 24 hours after matching Monday’s intraday high near $87,300 and meeting the same selling into it. ZEC rose 9% to just above $1,646 and XRP 3% to nearly $1.59, while TRX fell 2%.

“Optimism in the altcoin market and in equities suggests that we are witnessing a temporary shift of speculative capital from the leading cryptocurrency into altcoins,” Alex Kuptsikevich, senior analyst at FxPro, said in an email to CoinDesk. “Many investors had parked their cryptocurrency-allocated capital in the most liquid asset class and are now seeking more profitable opportunities.”

“In such situations, there has previously been a slowdown but not a reversal in BTC, as price pullbacks have attracted new buyers who had previously kept their money out of the risky crypto market,” he added.

On BCH specifically, the note pointed out the token has only climbed back to levels last seen in the second half of May, after reversing near $660 in early January and falling to $190.

A continued bid would put $450 in range, where buyers were active between October 2025 and this May.