The crypto sell-off accelerated on Friday, briefly dragging bitcoin under $80,000. Tariff fears have weighed on bullish sentiment generated by Trump's election.

Bitcoin (BTC) drifted back to $85,000 at the Feb. 27 Wall Street open as markets digested confirmation of new US trade tariffs. BTC price sells off as Trump says tariffs will go ahead Data from Cointelegraph Markets Pro and TradingView showed BTC/USD pulling back from a relief bounce to $87,

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Bitcoin fell roughly 17% in February to around $84,000 — the cryptocurrency's biggest drop over one month since June 2022.

Existing home sales dropped 4.9%, and the S&P Global Purchasing Managers’ Index (PMI) fell from 52.7 in January to 50.4, the lowest since Sept. 2023. PMI tracks manufacturing and services activity, and a reading barely above the 50 threshold that separates expansion from contraction indicates stagnating growth in the private sector.

Analysts are predicting how deep the bitcoin price correction could go and if it will escalate into a full blown market

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Bitdeer, a prominent crypto mining company, has invested $4 million in Bitcoin, purchasing 50 BTC at an average price of $81,475.

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The National Bank of Canada sold Bitcoin-linked assets and ended its digital currency plans to focus on payment innovation.

The crypto market tumbled as Trump reaffirmed tariffs on Mexico and Canada, sparking investor anxiety, with Bitcoin slipping below $92,000.

"Do not buy the dip yet. A move to the low 80s is on," the Standard Chartered analyst Geoff Kendrick said of the latest sell-off.