Bitcoin continued its decline toward $80,000 on Friday and is now down about 25% from all-time highs as the selloff in cryptocurrencies deepened, reversing gains made following the election victory of US President Donald Trump.
The downturn followed a widespread selloff across risk assets amid worries surrounding Trump’s trade policies and mounting concerns about the US economy.
On Thursday, Trump confirmed that his proposed 25% tariffs on Mexico and Canada will take effect on March 4, along with an additional 10% duty on Chinese imports.
A series of US economic reports also flashed warning signs, including the latest consumer confidence and jobs data.
Moreover, lingering uncertainty over the Trump administration’s crypto policy weighed on the market.
In addition, a $1.5 billion hack of rival cryptocurrency Ether underscored the significant risks facing the industry.
