Bitcoin slips to around $84,000 as oil prices and Treasury yields rise

Bitcoin fell to around $84,000 during trading on Wednesday, losing momentum as higher oil prices and US Treasury yields weighed on sentiment.

The retreat came amid concerns that inflationary pressures could intensify, creating a more challenging backdrop for risk-sensitive assets such as cryptocurrencies.

Rising oil prices can add to inflation concerns by pushing up energy costs. Those pressures can, in turn, cloud expectations for interest-rate cuts and curb investors’ appetite for risk.

Higher Treasury yields also pose a challenge for bitcoin by making interest-bearing assets more attractive. The cryptocurrency’s decline reflected the pressure from both developments during Wednesday’s session.