The crypto sell-off accelerated on Friday, briefly dragging bitcoin under $80,000. Tariff fears have weighed on bullish sentiment generated by Trump's election.

Donald Trump’s supporters have lost more than $12bn (£9.5bn) in a month after the value of the president’s cryptocurrency collapsed.

Investors unnerved by the prospect of U.S. President Donald Trump's impending tariffs drove a wave of selling on Friday that hit risk-sensitive currencies such as the Australian dollar and sent bitcoin tumbling,

Major cryptocurrencies like Bitcoin and meme coins such as Dogecoin are seeing a major sell-off this week, wiping out Trump-era gains.

Bitcoin's drop is part of a wider rout in which over $800 billion of nominal value "has been wiped off global cryptocurrency markets in recent weeks, as the enthusiasm that swept the crypto industry after Donald Trump's election victory last year ebbs away," the Financial Times wrote today.

Cryptocurrency prices are down sharply in recent weeks and not expected to rebound soon, with some of the biggest digital currencies erasing nearly all of the gains they made after Donald Trump's election win triggered a wave of excitement across the industry.