Bitcoin has continued its slide toward $80,000 on Friday, now down roughly 25% from its all-time highs, as the selloff in cryptocurrencies deepened, negating gains made following the election victory of US President Donald Trump.
This downturn came in the wake of a broad selloff across risk assets, fueled by concerns surrounding Trump’s trade policies and increasing anxiety about the US economy.
On Thursday, Trump announced that his proposed 25% tariffs on Mexico and Canada will be implemented on March 4, alongside an additional 10% levy on Chinese imports.
A series of recent US economic reports have raised red flags, signaling potential issues with consumer confidence and employment data.
Furthermore, the ongoing uncertainty regarding the Trump administration’s stance on cryptocurrency has placed additional pressure on the market.
Additionally, a $1.5 billion hack of the competing cryptocurrency Ether highlighted the considerable risks that the industry faces.
