Bitcoin (BTC-USD) fell nearly 5% early Friday to just above $82,000 — the cryptocurrency’s lowest level since early November. 

The drop puts bitcoin down nearly 20% over the past month — its worst performance over a month since June 2022. 

Friday's decline comes a day after President Donald Trump said 25% tariffs on goods from Canada and Mexico, as well as an additional 10% tariff on Chinese imports, are set to go into effect March 4.

Nic Puckrin, financial analyst and founder of The Coin Bureau, said in an email to Yahoo Finance earlier this week that the “sharp sell-off in crypto on renewed tariff fears shows that Bitcoin, and even altcoins, are now entirely driven by politics.”

“This was never the intention for Bitcoin – indeed, it was designed as an anti-political asset – but this is where we are right now.”

Bitcoin has rallied since the election of Donald Trump, soaring 44% from election day in November to a high of $109,115 on Jan. 19. Investors have been optimistic about the president crypto-friendly stances creating a looser regulatory environment for the industry than the prior administration. Trump has appointed venture capitalist David Sacks to a newly created White House role of crypto czar, and his pick for SEC chair is well-known crypto lawyer Paul Atkins.

But recent losses have partly erased those gains as the so-called Trump trade loses steam. Macroeconomic uncertainty and a $1.5 billion hack of a crypto exchange have contributed to the pullback among investors.

REUTERS / Reuters

Puckrin said in his commentary Feb. 25, “If worries over tariffs continue to escalate, bitcoin could continue falling further in the short term,” adding, “A key support level to watch would then be $71,000.”

Other crypto stocks dropped more modestly Friday. Coinbase fell 1.3%, and Riot Platforms fell 1.6%. Strategy, the largest corporate holder of bitcoin, dropped less than a percentage point.

Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance