According to a new report from Nansen, the “Crypto Black Monday” event was triggered by a combination of factors,including a growing concern about the U.S. economy, the tightening of monetary policy by the Bank of Japan, and increased political uncertainty due to narrowing polls for Donald Trump.

Bitcoin plummeted by nearly 20% in a week, briefly dipping below the $50,000 mark. Other major cryptocurrencies also experienced significant declines.

The overall crypto market fear and greed index plunged from 74 to 26, indicating extreme fear among investors.