Treasury 10-Year Yield Hits 5.35% as Bitcoin Falls Below $83,000

The 10-year Treasury yield briefly climbed to 5.35% on Oct. 7, its highest level since 2002, as Bitcoin (BTC) fell below $83,000 and Ether (ETH) dropped 6%.

The benchmark yield gained nearly eight basis points. The 30-year Treasury yield also rose to 5.724%, a 24-year high, extending a move that has pushed long-term borrowing costs higher across markets.

Bitcoin dropped from about $86,600 to roughly $84,000 before briefly breaking below $83,000. Ether weakened more sharply, declining 6% during the session.

Investors are watching a $39 billion Treasury auction of 10-year notes scheduled for 1 p.m. ET (17:00 UTC). Results will help show whether higher yields are attracting buyers or whether investors are demanding additional compensation to hold longer-term government debt.

Minutes from the Federal Reserve’s September meeting are due at 2 p.m. ET (18:00 UTC). The central bank raised rates at that meeting, its first increase since 2023.