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Bitcoin drops below $85,000 as Treasury yields rise

Liquidations topped $135.8 million within an hour, with longs accounting for $125.9 million, after US flash PMI data pushed yields higher.

Reported · Written up by our desk · Market Structure

Bitcoin slid below $85,000 on Sept. 23 after stronger-than-expected US business activity drove Treasury yields higher and forced crypto deleveraging, CryptoSlate reported.

Within an hour, $135.8 million of crypto positions were liquidated, according to CoinGlass, with longs representing $125.9 million of the total. Bitcoin accounted for $47.4 million of the wipeout, and Ether for $23.9 million, as the reversal undercut a rebound that had accelerated earlier in the week when Bitcoin moved through a large concentration of short positions.

Over the prior 24 hours, losses totaled about $510 million across 122,256 traders, with long traders losing $363.8 million, the report said. The move reflected how quickly the rate backdrop shifted against a market positioned for further upside.

S&P Global’s September flash purchasing managers’ indexes showed a composite PMI of 58.4, services at 58.7, and manufacturing at 57, all above expectations, and the data pointed to accelerating growth with a less favorable inflation signal. According to CryptoSlate, the survey highlighted steepest input cost increases in four years, tied in part to higher oil prices, which helped strengthen the case for interest rates to stay elevated.

Latest closeBitcoin $84,236.73 ▼2.2%

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