Bitcoin falls 5% to $83,000 mark, declines 20% from peak; what’s behind the plunge?

The largest cryptocurrency Bitcoin fell over 5 per cent, reaching $83,740 during intra-day trading on Thursday, as the cryptocurrency market experienced selling pressure.

Bitcoin has plunged nearly 20 per cent from its record high since Donald Trump’s inauguration in January, as his aggressive approach toward both allies and geopolitical rivals has hit investor confidence, sparking a risk-off sentiment. Additionally, a record-breaking hack of the Bybit exchange last week also rattled the crypto market.