Global cryptocurrency markets fell sharply on Monday, extending a multi-month downturn that traders say is being driven less by crypto-specific news and more by mounting macroeconomic pressure.

The total digital asset market capitalization dropped roughly 4.4% in 24 hours to about $2.23 trillion, according to market data. The selloff was led by losses in Bitcoin, Ethereum, and XRP, which together account for a large share of overall market value.

Bitcoin Drops Rapidly, Triggers Liquidation Wave

Bitcoin fell nearly 5% on the day to around $64,800, with prices at one point sliding roughly $2,500 in about an hour. The swift move triggered an estimated $240 million in long liquidations, according to derivatives data.

In leveraged markets, when…