Bitcoin’s week-long slide has intensified, falling as much as 7.2% at one point to $78,226 before paring losses.

The world's largest cryptocurrency has fallen 28% from its all-time high of $109,241 reached on Jan. 20, a dramatic pullback amid market turmoil and growing concerns over U.S. trade policies.

The crypto market’s recent decline comes amid heightened risk aversion in financial markets, triggered by renewed tariff threats from US President Donald Trump. Trump announced that 25% tariffs on Canadian and Mexican goods will come into effect on March 4, and an additional 10% tax on goods imported from China. Beijing has vowed to take “all necessary measures” in response. Trade tensions have dampened investor sentiment, fueling a sell-off in stocks and risk-sensitive assets, with cryptocurrencies among the hardest hit.

“Some of the big investors said at the end of the day, ‘you know what, I’m giving up now,’” said Zaheer Ebtikar, co-founder of crypto fund Split Capital. “There was definitely a lot more selling than usual, so it’s hard to pinpoint a specific exchange or location.”