Cryptocurrencies sold off sharply heading into the week in Asia, underscoring a clear risk-off sentiment across markets.

Bitcoin shed about 7% of its value from Sunday night through to Monday morning in Singapore to reach a low point of US$77 077. Second-ranked token ether plummeted to $1 538, an intra-day low not seen since October 2023.

The losses come as US president Donald Trump dug in on sweeping tariffs that have already wiped trillions in value from US equities. US equity-index futures slumped and the yen surged in a sign of deepening turmoil throughout financial markets.

Coinglass data show about $745-million worth of bullish crypto wagers were liquidated in the past 24 hours, the most in nearly six weeks.

Options markets suggest the selling pressure may continue “with the skew for puts picking up considerably”, said Sean McNulty, head of Apac derivatives at digital-asset prime brokerage FalconX. Key support levels for bitcoin and ether are $75 000 and $1 500, respectively, he added.

Digital assets had shown some resistance to the panic that roiled markets after Trump first unveiled his tariff programme, hinting at a possible breakaway from the gravitational pull of technology stocks. Monday’s selloff may spell an end to that.

Read: Trump signs order to establish strategic bitcoin reserve

“Macro is driving the action right now,” said Cosmo Jiang, general partner at Pantera Capital. “The tariff-driven pullback is idiosyncratic and not because of deeper issues in our economy. Just like it was artificially injected in, so too can it be taken out after the Trump administration feels it has won concessions from other countries.” — Suvashree Ghosh, (c) 2025 Bloomberg LP

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