Bitcoin's (BTC-USD) descent continued, as the cryptocurrency seems to be caught in a downward spiral. The most popular cryptocurrency traded at $86.7K as at 6:27 am ET (-2.7%) but had dropped to $82K on Wednesday as bearish sentiments continued to keep pressure in the crypto market.

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 unsettles investor confidence,

More than $800bn has been wiped off global cryptocurrency markets in recent weeks, as the enthusiasm that swept the crypto industry after Donald Trump’s election victory last year ebbs away. The price of bitcoin dropped as much as 3.

Spot Bitcoin exchange-traded funds (ETFs) experienced their worst day on record this week since their debut last year as investors dumped more than $1 billion worth of investments within 24 hours. The group of 11 SEC-approved Bitcoin ETFs experienced their largest-ever outflows on Tuesday,

BlackRock's iShares Bitcoin Trust (IBIT) saw record outflows of $418.1 million on Wednesday as bitcoin (BTC) dropped to around $82,000. All U.S. spot-listed exchange-traded funds saw a total outflow of $754.