Bitcoin has experienced a significant decline, plunging below $86,000 as traders react to a resurgence in market volatility. Concerns regarding potential rate hikes in Japan and bearish market conditions have fueled the sell-off, leading to a loss of over $1 trillion in value across the cryptocurrency sector. Analysts warn that the current market situation may present difficulties for recovery, indicating that this downturn could be distinct from previous crashes. With Ethereum also dipping sharply alongside Bitcoin, the cryptocurrency market is under pressure, prompting discussions of potential manipulation among traders and fears of contagion affecting broader financial markets.