Bitcoin Falls Below $87,000 as Japanese Bond Yields Jump, Wiping $150 Billion from Crypto Market

Bitcoin dropped nearly 5% to below $87,000 during early Asian trading on December 1, erasing approximately $150 billion from total crypto market capitalization. The decline was driven by surging Japanese government bond yields, which triggered broad risk-off sentiment amid exceptionally thin trading volumes. The 10-year Japanese government bond yield climbed to 1.84%, its highest level since April 2008, leading markets to price in a potential Bank of Japan rate hike in mid-December.