Last week's drop in stocks was tied in part to disappointing earnings, a weaker-than-expected jobs report, higher unemployment and a declining manufacturing sector. The U.S. Federal Reserve opted to hold its benchmark rate steady and didn't promise a rate cut in September, which many market experts had baked into their forecast. Lower interest rates tend to correlate with better performance for risky assets.

Bitcoin's price has reached its lowest level since February and briefly fell below the $50,000 price threshold to $49,111.10. The world's largest cryptocurrency is trading just below $51,000. It's still up almost 17% this year.

The price of ether, the native token underpinning the ethereum blockchain, fell to around $2,200 and has erased its gains for the year. Binance's BNB token was down 20% and solana is trading 22% lower.

Investors are also looking out for new trade data from China and Taiwan this week, as well as central bank decisions in both India and Australia.

The latest crypto wipeout will be felt by a broader base of investors after the SEC this year approved new spot exchange-traded funds for bitcoin and ether. The ETFs have seen hundreds of millions of dollars flow into the coins.