After Donald Trump’s election victory, cryptocurrencies had shown gains — but the new wave of US president’s tariffs has wiped out almost all the progress.

On Monday, Bitcoin fell below $75,000 for the first time since November 7, losing up to 5.3%. Ether dropped to its lowest level since March 2023, while the total crypto market capitalization shrank by 12% to $2.47 trillion — the same level as when Trump’s win was sealed, according to CoinGecko.

“It seemed crypto might remain stable, but with a 24/7 market, investors woke up Sunday in full sell-off mode,” noted Charlie Sherry, head of finance at BTC Markets.

More than $868 million in long positions were liquidated in the past 24 hours, according to Coinglass, marking the highest in nearly six weeks. Options markets are showing increased demand for protection strategies — especially puts with a $70,000 strike, indicating expectations of further decline.

The crypto selloff coincided with a broader market downturn — Asian stocks fell, US equity futures slid, and the yen surged, all signaling deepening global financial turmoil.

“Crypto usually acts as a leading indicator for risk assets,” said Julia Zhou, COO of market maker Caladan. “Expect sharper moves once US markets open.”

As of 8:00 a.m. in London, Bitcoin was trading at $74,600 and Ether at $1,418.