The cryptocurrency market had around $130 billion wiped off its value over the last 24 hours as major digital coins continued their multi-day sell-off.

Bitcoin was last down around 4% at $33,755.57, according to Coin Metrics, while Ether plunged 7% to $2,239.08. Earlier in the morning both fell to their lowest points since July and are each about 50% off their all-time highs.

Cryptocurrencies are moving in tandem with stocks, which have continued to fall since the beginning of the year and just came off of their worst week since March 2020. Investors have been selling risk assets like technology stocks as they prepare for tighter monetary policy from the U.S. Federal Reserve and higher interest rates.

“It’s possible that macro economic concerns, such as the Fed’s response to inflation rates, have facilitated more de-risking activity in general,” said Juthica Chou, head of OTC options trading at Kraken. “The recent price drop, coupled with high volatility, could be leading to further selling as partic