title: Bitcoin Enters a Bear Market After Plunging Below $80,000

Stocks and other financial securities known for their price volatility tumbled as bearish sentiment gripped markets at the end of the week.

Stocks slid on Friday as traders digested a mixed bag of economic data, rising trade tensions and weak earnings. Investor confidence was battered by the bleak outlook.

Stocks slid on Friday as traders digested a mixed bag of economic data, rising trade tensions and weak earnings. Investor confidence was battered by the bleak outlook.

President Donald Trump's administration is set to impose a 25% tariff on all goods from Mexico and Canada starting Tuesday, according to a report by The Wall Street Journal. The White House also confirmed an additional 10% tariff on Chinese goods.

The sweeping trade measures are expected to have a significant impact on markets, triggering selloffs in equities and a surge in volatility for cryptocurrencies.

Bitcoin price plunged below $80,000 in early Friday trading as bearish sentiment gripped markets at the end of the week. The world's largest cryptocurrency slid further after a report by The Block revealed that hackers stole $1.5 billion worth of Ethereum from Bybit in one of the largest crypto heists in history.

The high-flying artificial intelligence sector took a hit as investors began to reassess its lofty valuations. Nvidia (NASDAQ:NVDA) suffered steep losses after delivering earnings that, while stronger than expected, failed to fully impress investors accustomed to impressive beats. The stock's sharp retreat dragged down peers Advanced Micro Devices (NYSE:AMD), Broadcom (NASDAQ:AV쨰O), Qualcomm (NASDAQ:QCOM) and Intel (NASDAQ:INTC).

Other cracks in economic data emerged, adding to investor anxiety. The fourth-quarter gross domestic product remained unchanged at an annualized 2.3% growth rate, while inflation metrics for the same quarter were revised higher.

In January, personal spending contracted by 0.2% on the month, marking the first negative reading since March 2023. The Personal Consumption Expenditure price index - Fed's favorite inflation gauge - came in at 2.5% as expected, remaining above the 2% target.

Housing data also disappointed, with pending home sales plunging 4.6% in January to their lowest level on record. Elevated mortgage rates continued to strain affordability, further cooling demand in the housing market.

The labor market showed signs of softening, as weekly jobless claims jumped by 22,000 to 242,000, marking the highest level in over two months.

General Motors (NYSE:GM) rewarded shareholders with a dividend hike and a fresh buyback plan. The automaker raised its quarterly dividend by three cents to 15 cents per share, effective with its next payout in April.

GM also authorized a new $6 billion share repurchase program, including a $2 billion accelerated buyback initiative.