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.

The total market capitalization of all cryptocurrencies fell about 10% to $2.54 trillion, according to CoinGecko data. Bitcoin shed more than 7% of its value from Sunday night through to Monday morning in London to reach a low point of less than $77,000. Second-ranked token Ether plummeted to $1,521, an intra-day low not seen since October 2023.