Bitcoin fell 8% to below $84,000, while U.S. bond yields climbed the highest since 2007.

The price of bitcoin touched the US$83,900 line on Wednesday morning Asian time, falling more than 2% in 24 hours after previously peaking near the $87,300 level, according to data from CoinDesk. As the U.S. bond market environment presses assets risk increased as yields for 10-year-old government bonds closed Wednesday at 5.11%, rising 15 basis points in a single day according to US Treasury Department data.

Of the major cryptocurrencies, DOGE saw its heaviest trading force fall by 7%, leaving only Level 9 stocks remaining, while ZEC , XRP and HYPE were down around 5% to 6% on Ether ( ETH ), SOL and BNB dropped in value 2% to 3%, whereas TRX maintained a stable price level.

Overall, the commodities market also showed striking signs. Crude oil led the way with a rally of more than 4% to near $104 per barrel, continuing a six-day downward trend that had helped ease inflation concerns. Meanwhile, S&P Global's preliminary survey of the U.S. business sector revealed that economic activity was expanding at its fastest rate in over five years, with the nation as a whole standing at 58.4, its highest level since July 2021.

The day ended with a $70 billion auction held in the afternoon, which attracted relatively weak investor interest. This bid paid out 5.033% returns, the highest level of return since 2006, and was higher than the market price prior to the auction at approximately 3 basis points, reflecting that buyers were demanding additional compensation for their risk of holding debt securities.