Bitcoin (BTCUSD) trading around $80,000, more than a quarter off its January peak.

Its recent declines accelerated after President Donald Trump yesterday said that tariffs on Mexico and Canada would go into effect on March 4 and an additional 10%

Bitcoin (BTCUSD) prices fell Friday morning as investors continued to react to the outlook for U.S. tariffs and the potential impact on the global economy.

Bitcoin futures traded on the CME Group (CME) fell 1.2% over the past 24 hours to $79,400 by 7:30 AM ET (11:30 GMT). BTC had slid as low as $77,000 levels in private trading ahead of the market opening.

The world’s largest cryptocurrency has now lost more than a quarter of the gains it clocked through January, sliding into what some analysts now see as bear market territory- a 20% decline from recent highs. Bitcoin is currently down 24% from the record highs of nearly $109,000 hit last month.

The cryptocurrency slid into bear market territory after President Donald Trump said tariffs on Mexico and Canada would go into effect on March 4 and an additional 10% in levies would be imposed on China.

Investors largely view tariffs as likely to slow growth and stoke inflation, which could scuttle the chance of interest rate cuts this year and make non-yielding risk-on assets like bitcoin less attractive.

Rising tariffs could also pose a threat to the global economic recovery, which has already been largely priced into markets this year.

Among other cryptocurrency traders, shares in Coinbase (NASDAQ:COIN) and Marathon Digital parent company MARA Holdings (NASDAQ:MARA) slid more than 3% premarket. Shares in trading app.

But shares in cryptocurrency investment firm MicroStrategy (NASDAQ:MSTR) fell around 2% after the company said Monday it had again expanded its bitcoin holdings, acquiring nearly $2 billion more of the digital currency.

MicroStrategy said it had completed the purchase of approximately 800 bitcoins with cash reserves for a total investment of about $1.9 billion over the past few weeks.

The investment firm, which has made a substantial shift towards bitcoin in recent years, said the latest purchases take its total bitcoin holdings to 130,000 and their aggregate cost to $2.5 billion.

The SEC had recommended the dismissal of a two-year lawsuit against Coinbase (NASDAQ:COIN) for allegedly operating unregistered securities and failing to register with the regulator as an exchange. The regulator’s recommendation comes after it said it wouldn’t pursue any action against trading app operator Robinhood (NASDAQ:HOOD) over its cryptocurrency business.

Both suits had been closely watched by the cryptocurrency industry, with several large-cap tokens sliding into bear market territory after the SEC announced it was suing cryptocurrency exchange Binance and its CEO Changpeng Zhao earlier this week.