Bitcoin tumbled below $88,000 to hit the lowest since November, as the rally that followed Donald Trump’s election to the White House reverses under the weight of his trade tariffs and a string of industry setbacks.

Bitcoin dropped as much as 4% to its lowest point since Nov. on Tuesday. Other cryptocurrencies also fell, with Ether, XRP and Solana down sharply for the session.

Crypto stocks sank in premarket trading. Strategy fell 7%; MARA Holdings and Coinbase fell 6%; Riot Platforms fell 5%.

The recent turmoil in digital assets is a stark shift from the risk-on rally that drove crypto markets higher following Trump’s election in early November. Bitcoin has tumbled almost 20% since his January inauguration, as Trump’s combative stance against allies and geopolitical rivals alike shakes investor confidence, and concerns about elevated inflation linger.

“The fall in Bitcoin prices is likely related to broader macro uncertainty that has hit most financial markets in the last couple of days and is linked to the various tariffs being announced by President Trump,” said Adrian Przelozny, chief executive of crypto exchange Independent Reserve.

In derivatives markets, more than $1.34 billion of bullish crypto positions were liquidated over a 24-hour period, according to data on CoinGlass.

Sentiment has also soured following a series of recent industry-specific setbacks, including the biggest-ever crypto hack targeting exchange Bybit and a memecoin scandal involving Argentina’s President Javier Milei. That helps explain why digital coins have underperformed other risk assets like technology stocks in recent weeks.

The Bybit hack, in particular, has added to fears about the safety of digital-asset platforms. Hackers which analysts say are linked to North Korea made off with about $1.5 billion of Ether in last week’s attack and have started quickly laundering the haul. Several researchers say the heist revealed a rising level of sophistication among North Korea’s army of hackers.

Memecoins launched by Trump and his wife Melania just before the inauguration have also performed poorly, undermining confidence in his pro-crypto policies. The Trump token has tumbled more than 80% since peaking almost immediately after he launched it, based on CoinGecko data.