Bitcoin’s price accelerated its decline following the opening of the U.S. trading session.

Earlier, the leading cryptocurrency had failed to hold above the $84,000 level and subsequently fell below the $80,000 mark. As of 17:23 Moscow time, Bitcoin was trading just above this key psychological level, having earlier touched a low of $79,591—the first time since late February.

BTC is responding to a broader sell-off in U.S. stocks, with Wall Street’s major indices opening sharply lower amid rising concerns about the U.S. economy.

The wave of selling was triggered by recent comments from President Trump, who warned of a challenging “transitional period” and did not rule out the possibility of a U.S. recession.

At the time of writing, the S&P 500 was down 1.76%, the Dow Jones Industrial Average had fallen 0.76%, and the tech-heavy Nasdaq Composite plunged by 2.8%.