Crypto Market Recap Sep 24: Bitcoin Holds $84,000 USD, Is BTC A Buy Right Now?
Yesterday, the US 10-year Treasury yield jumped to 5.11%, and Bitcoin (BTC) fell 2.18% to under $85,000 USD, as we covered in yesterday’s crypto market recap. Today the same yield went higher still, to 5.18%, and Bitcoin barely moved: down 0.07%. The rate move that hit the coin yesterday did not repeat today. Instead, the pressure showed up somewhere else entirely. The Bitcoin miners fell hard while the coin itself sat still.
The snapshot: Bitcoin near $84,325 USD
Crypto trades continuously, so what follows is a snapshot, not a market close. It was taken at 5:05pm ET on Thursday, September 24, 2026, and the percentage changes below are measured against the prior daily close on the same feed. That basis matters: a snapshot compared against a different reference point can flip the sign of a quiet move like today’s.
| Asset | Last | Prior close | Change |
|---|---|---|---|
| Bitcoin (BTC) USD | $84,325 USD | $84,383 USD | -0.07% |
| Bitcoin (BTC) CAD | $119,224 CAD | $119,016 CAD | +0.17% |
| Ethereum (ETH) USD | $2,686.69 USD | $2,684.69 USD | +0.07% |
| Ethereum (ETH) CAD | $3,799.80 CAD | $3,786.56 CAD | +0.35% |
Over the day’s hourly bars, Bitcoin traded in a band of about 1.5% top to bottom: a low of $83,241.98 USD at 05:00 ET and a high of $84,497.46 USD at 03:00 ET, before landing at $84,280.56 USD by the 18:00 ET bar, roughly where it started the day at $84,024.37 USD at the 00:00 ET bar. Ethereum covered a low of $2,641.31 USD at 05:00 ET to a high of $2,695.44 USD at 15:00 ET, settling at $2,686.05 USD by the 18:00 ET bar. Neither asset made a decisive move in either direction.
For another point of reference, yesterday’s recap put Bitcoin at $84,296 USD. Measured against that figure instead of today’s prior close, Bitcoin is up 0.03%. Either way, the honest word for the day is flat. Source: Yahoo Finance data.
The yield: the highest 10-year reading since 2007
The US 10-year Treasury yield was quoted today at 5.18%, up from 5.11% yesterday and 4.96% on both September 22 and September 21. That is 7 basis points of movement today stacked on 15 basis points yesterday, 22 basis points across the two sessions.
To see how unusual that is, we pulled every year of the US Treasury’s daily yield curve back to 2005 and took each year’s maximum reading. The 10-year peaked at 5.26% in 2007 and 5.25% in 2006, then did not clear 5% again in any single year through 2025: annual highs ran as low as 1.74% in 2021, then back up to 4.98% in 2023 and 4.79% in 2025. The last date the 10-year printed at or above today’s 5.18% was July 6, 2007, at 5.19%, one of four sessions that cleared that level that year. Today’s reading puts the 10-year at its highest since that stretch in 2007.
The auction: the concrete event behind the move
There is a first-hand, dated cause for today’s move. The US Treasury sold $44 billion USD of 7-year notes today, the same size offered at all nine 7-year auctions this year, and had to pay a high yield of 5.085% to place it. A month ago, the same auction, at the same size, cleared at 4.512%, a jump of 57.3 basis points on the same security.
| Auction date | High yield | Bid-to-cover | Indirect bidders accepted |
|---|---|---|---|
| 2026-09-24 | 5.085% | 2.42 | $24.87 billion USD |
| 2026-08-27 | 4.512% | 2.50 | $26.68 billion USD |
| 2026-07-28 | 4.473% | 2.49 | $30.80 billion USD |
| 2026-06-25 | 4.260% | 2.50 | $25.28 billion USD |
| 2026-05-28 | 4.290% | 2.52 | $34.43 billion USD |
| 2026-04-28 | 4.175% | 2.51 | $25.62 billion USD |
| 2026-03-26 | 4.255% | 2.43 | $27.46 billion USD |
| 2026-02-26 | 3.790% | 2.50 | $27.94 billion USD |
| 2026-01-29 | 4.018% | 2.45 | $29.35 billion USD |
Bid-to-cover of 2.42 was the lowest of the nine 7-year auctions held in 2026, and the only one below 2.43. Indirect bidders, the category that includes foreign and central-bank buying, took $24.87 billion USD, also the smallest of the nine. Yesterday’s 5-year note auction told a similar story, clearing at 5.033% with a bid-to-cover of 2.21. None of this proves the auction produced today’s exact 7 basis points of movement in the 10-year. What it shows, per TreasuryDirect’s auction announcements and results, is that on the same day the 10-year hit its highest reading since 2007, the government cleared new debt at a materially higher rate with the thinnest demand of the year.
Where the move landed: the miners, not the coin
If the rate move did not move Bitcoin today, it landed close by.
| Company | Close | Change |
|---|---|---|
| Riot Platforms (RIOT) | $23.48 USD | -4.90% |
| MARA Holdings (MARA) | $12.92 USD | -3.22% |
| Robinhood (HOOD) | $120.82 USD | -1.53% |
| CleanSpark (CLSK) | $14.26 USD | -1.38% |
| Hut 8 (HUT) | $101.54 USD | -0.90% |
| Hut 8 (HUT.TO) | $143.91 CAD | -0.43% |
| Strategy (MSTR) | $161.61 USD | -0.36% |
| Coinbase (COIN) | $199.21 USD | +0.55% |
Source: Yahoo Finance data, 2026-09-24 close versus 2026-09-23 close. The pattern worth naming: the pure miners took the worst of it, the exchange was the only name in the green, and Bitcoin itself did nothing. That ordering fits what you would expect if the day’s selling was about the cost of money rather than about Bitcoin specifically. A miner is a capital-hungry business financed with debt and equity, spending now for a payoff that arrives later, so a higher discount rate is a direct hit to what that future payoff is worth today. Bitcoin itself borrows nothing, pays no coupon and finances nothing, so a change in the price of seven-year money has no mechanical claim on its price at all. That is a description of a mechanism at work today, not a prediction: the same relationship did not hold yesterday, when the yield move hit the coin directly instead. For readers who want to see which Canadian-listed crypto names exist, including the miners above, we track them on our Canadian crypto stocks page.
The Canadian wrinkle, briefly
The Canadian dollar fell again today. On the Bank of Canada’s daily USD/CAD rate, the US dollar has now gained against the loonie for six consecutive sessions: from 1.3917 on September 15 to 1.4136 today, up 1.57% over that stretch.
That currency move is why Bitcoin was down 0.07% in US dollars and up 0.17% in Canadian dollars on the same day. It also explains why the two Canadian-listed Purpose fund classes split. BTCC.B, the non-FX-hedged class, rose 0.79% to $16.64 CAD, while BTCC, the FX-hedged class, fell 0.17% to $14.70 CAD. The Ethereum equivalents moved the same way: ETHH.B, non-hedged, gained 0.95% to $12.74 CAD, and ETHH, hedged, gained 0.61% to $9.93 CAD.
Worth being honest about here: a one-day spread between two classes of the same fund carries its own trading noise, bid-ask spread and premium-to-NAV drift. Today’s 0.96 point gap between BTCC.B and BTCC is wider than the 0.28% currency move itself on the Bank of Canada’s basis, so it should not be read as a clean measurement of the currency effect on its own. The direction is what the mechanism predicts, but a longer window is the cleaner read. For that longer read, see what Bitcoin actually returned in Canadian dollars this year, which measured this same effect over a full year rather than a single session.
Is Bitcoin a buy right now?
A single session is a poor basis for that decision in either direction, and nothing here is advice. But it is the reasonable question to ask on a day when the coin ignored a move that hit it hard twenty-four hours earlier, so here is the case on both sides, built only from the figures above.
The constructive read. Yesterday 15 basis points on the 10-year took Bitcoin down 2.18%. Today a further 7 basis points took it down 0.07%. The same input, larger in total across the two sessions, stopped producing the same output. An asset that absorbs the pressure that was selling it a day earlier is saying something about who is left willing to sell. The selling went to Riot at -4.90% and MARA at -3.22% instead, which is where a higher cost of money has an actual claim.
The case against reading anything into it. One session, and this piece has just shown the same kind of input producing two opposite outcomes on consecutive days. That is precisely the reason not to build a thesis on the second one. Bitcoin’s entire range today was roughly 1.5% top to bottom, from a low of $83,241.98 USD to a high of $84,497.46 USD. That is not accumulation and it is not distribution. It is a market with no conviction, and a flat day is the weakest evidence available.
What would actually change the answer is not Bitcoin, it is the 10-year. The Treasury paid 5.085% today to place seven-year paper that cleared at 4.512% a month ago, 57.3 basis points more for the same security at the same size. An asset that pays no coupon competes directly against that government yield, and that yield is rising. If the yield keeps climbing, the claim that Bitcoin has decoupled from it gets tested properly, rather than on one quiet Thursday.
For a Canadian buyer the starting point is different again. Bitcoin was down 0.07% in US dollars today and up 0.17% in Canadian dollars, because the loonie has weakened against the US dollar for six straight sessions. An unhedged Canadian position was paid by the currency while the coin itself went nowhere. That mechanism runs in both directions, and it is the larger part of the Canadian return this year.
So: no verdict off one flat session. What is worth carrying forward is which number decides it.
What to watch
Nothing here points to where yields or Bitcoin go next. Today simply showed that the same kind of input, a yield spike, produced two different outputs on two consecutive days: once on the coin, once on the miners. Whether that split holds, reverses, or breaks down entirely is not something a single session can answer.
The more useful thing to carry forward is which number to watch. If the 10-year keeps climbing from here, the place to look first is not the Bitcoin price but the miners, because that is where the cost of money has an actual claim. The next scheduled Bank of Canada rate decision is October 28, and between now and then the Treasury keeps selling.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Bitcoin and Ethereum prices from a Yahoo Finance snapshot taken 17:05 ET on September 24, 2026. Crypto equity and Purpose fund class figures are September 24, 2026 regular-session closes. Treasury yields are the US Treasury daily par yield curve. Auction figures are from TreasuryDirect’s auction results. USD/CAD is the Bank of Canada daily exchange rate.
