Bitcoin tumbled below $80,000 early Friday as the crypto selloff intensified amid a market move away from riskier assets.

The price of Bitcoin reached $78,197 at one point Friday, its lowest level since Nov. 8. It rose back to $79,876 but remains more than 5% down for the day and 14% down in 2025. Ethereum, the world's second-largest cryptocurrency, was down 5% at $2,136.

It was a similar story for popular altcoin XRP, which fell another 7% to $2.04. The token surged after President Donald Trump won the election in November but is now more than 30% down in February. XRP remains 259% up over the past six months, though.

The selloff has been brutal. That's partly down to the impressive run cryptocurrencies had in the weeks and months after Trump's election win. Bitcoin hit a record high above $109,000 on Inauguration Day as traders hoped the new administration would be more friendly toward crypto. But they have been left disappointed on that front.

In the absence of more regulatory support, cryptocurrencies have fed off broader market sentiment, which has turned sour in recent days. Riskier assets have been particularly hard hit. The tech-heavy Nasdaq Composite fell 2.8% Thursday and is now close to correction territory -- falling 8% from its December record high.

The prospect of tariffs spooked investors Thursday as Trump confirmed plans for 25% levies on Canada and Mexico from March 4 and revealed he wants additional 10% tariffs on China. Tech stocks were under added pressure after Nvidia's earnings failed to halt the recent weakness in artificial-intelligence stocks.

The upshot of all that was more crypto selling.

"Bitcoin has dropped like a stone in a spectacular descent sparked by risk-off sentiment wracking financial markets," Hargreaves Lansdown analyst Susannah Streeter said. "Crypto euphoria is so highly entwined with broad investor enthusiasm, that when it's dented there is nowhere to hide, with coins and tokens falling in tandem."