Bitcoin Falls Below $85,000 as Treasury Yield Tops 5%
The decline followed stronger U.S. business activity and coincided with $135.8 million in crypto liquidations within one hour.
The decline followed stronger U.S. business activity and coincided with $135.8 million in crypto liquidations within one hour.
The prediction-market operator attributed repeated trades to liquidity incentives after public data showed unusually high Ether perpetual volume relative to open interest.
The total crypto market value fell 2.27% to $2.96 trillion as major tokens, U.S. equities and gold moved lower.
Nearly 1 million trades clustered around $5,500 order sizes, while Kalshi denies wash-trading allegations and attributes the pattern to market-making activity.
Bitcoin fell below $85,000 on Sept. 23 after stronger-than-expected US business activity sent Treasury yields higher and flushed leveraged longs.
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Kalshi denies wash trading allegations, arguing that repeated transactions stemmed from how market markers' orders were executed.
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Treasury yields soared on Wednesday to their highest level since 2007 while bitcoin's price slumped.