Bitcoin's value is falling dramatically amid major worries in the market

Bitcoin’s value has dropped around 7 per cent over the last day, with much of that fall coming in the last hour.

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Bitcoin’s value has dropped sharply amid major market concerns.

The cryptocurrency’s price fell by 7 per cent on Wednesday, with much of that loss coming in the final hour of trading.

Follow our live coverage of the latest in the crypto market here.

Other major cryptocurrencies fell even further, with Ethereum – the second largest digital coin – losing 12.7 per cent over the last 24 hours and the broader market decreasing by nearly 8 per cent.

However, the drop in bitcoin still only brings its price back to where it stood in November, after it experienced a dramatic rise in the wake of Donald Trump's election.

Ahead of the election and since, Mr Trump and his associates have touted the cryptocurrency market publicly - boosting market confidence and leading to a steep climb in its value.

Mr Trump has even personally entered the cryptocurrency market. Last month, he and his wife launched $Trump and $Melania memecoins, which brought so much activity to the market that it added half a trillion dollars in a week.

The price has not been totally immune to Mr Trump’s shocks, though. Earlier this month, the cryptocurrency market had its worst day in over a year, plummeting after Donald Trump announced new tariffs on Canada, Mexico, and China.