Bitcoin has plunged to its lowest levels—nearly erasing all its post-election gains—as escalating trade tensions fuel global market panic.

The Bitcoin price fell as low as $74,500 during early Asia hours Monday, marking a 6.5% fall in the past 24 hours and more than 5.8% over the week, CoinGecko data shows.

As of now, Bitcoin has clawed back slightly to hover near $77,179, but analysts warn that deeper losses may lie ahead.

The downturn follows a turbulent weekend triggered by President Donald Trump’s sweeping new tariff announcement, which will take effect on April 9.