Bitcoin slides back to $84K after strong U.S. business activity report

Bitcoin retreated from $87.2K on Wednesday, slipping to as low as $83.5K, after an economic report indicated hotter-than-expected business activity.The S&P Global U.S. PMI Composite preliminary reading  in September from 56.0 in the prior month. The manufacturing component of the measure rose to 57.0, beating the 53.6 consensus, and the services component topped the 56.0 consensus.With that stronger-than-expected data, bonds fell because expectations that the Federal Reserve will have to hike rates increased. Bond yields rise as their prices fall, offering better and safer returns than speculative assets like cryptocurrencies, which don't pay interest. The 10-year Treasury yield jumped 14 basis points to 5.11% in Wednesday trading. Traders now place a 66.4% probability on the likelihood of a 25-bp hike at the FOMC's October meeting, up from 55.4% on Tuesday, according to the CME FedWatch tool.At ~4:23 PM ET, bitcoin eased 2.2% over the past 24 hours to $84.3K. Ethereum dipped 2.9% to $2.67K, and XRP dropped 5.3% to $1.49.Among notable crypto stocks, Strategy fell 3.1%, Circle Internet declined 3.0%, and Coinbase Global slipped 1.5% during regular-hours trading.Among crypto miners, Riot Platforms dipped 1.0%, MARA Holdings retreated 2.1%, Hut 8 sank 3.9%, and Hive Digital Technologies lost 4.8%.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.