The cryptocurrency's value has fallen by almost nine per cent in the past 24 hours, with market as a whole down by 8.6 per cent.

The price of Bitcoin is now around $78,000, little more than a month after it reached an all-time high of $109,241 on the day of Donald Trump's inauguration as US president on January 20.

Bitcoin's fall comes after a series of market shocks over the past week that has had a considerable impact, with the second-largest cyrptocurrency Etherium down nearly 25 per cent in the past seven days.

This is because it was at the centre of a hack on the crypto exchange Bybit, in which almost $1.5 billion in the digital currency was stolen in what has been described as the biggest heist in digital history.

The fall in crypto comes as the US market struggles as a whole due to fears over tech stocks and the prospect of tariffs being imposed by Trump.

Michael Brown, a senior research strategist at financial services company Pepperstone, said: "We're almost in a situation where there is so much news that it's leaving traders paralysed, because they don't know what to focus on, and particularly with Trump, what is a negotiating gambit and what is a serious policy proposal.

"Given the degree of uncertainty, it does make sense to lighten up on positioning, particularly in riskier assets."