Bitcoin has fallen sharply towards US$80,000 as rising oil prices, elevated US bond yields and accelerating withdrawals from cryptocurrency exchange-traded funds trigger another wave of selling across digital assets.

The world’s largest cryptocurrency was trading around US$81,710 at the latest check, down about 1.8% on the session after falling as low as US$80,432.

Bitcoin traded as high as US$83,459 earlier in the session but has now fallen more than US$5,000 from levels seen near US$87,000 earlier this month.

The latest decline puts the psychologically…