Cryptocurrencies wiped out almost all their gains since Donald Trump’s election win in early November as fallout from the US president’s tariff onslaught sparked heavy selling in an asset class he’s vowed to champion.

Bitcoin tumbled below $75,000 on Monday for the first time since Nov. 7, dropping as much as 5.3%. The total market capitalization of all cryptocurrencies fell about 12% to $2.47 trillion, roughly where it stood when Trump sealed his victory, according to CoinGecko data. Ether dropped to the lowest since March 2023.