Ethereum Classic (CRYPTO: ETC) is trading lower by some 8.1% to $17.90 during Monday’s session. Shares of several altcoins are fluctuating amid significant volatility in global markets. Despite a 13% overnight drop in Japan's Nikkei 225, Wall Street in general avoided a Black Monday as stock indices curbed early session losses by midday trading in New York.

Concerns about a global recession, geopolitical tensions and economic policies such as the Bank of Japan raising interest rates have led investors to reassess their portfolios, potentially pulling out of riskier assets, including cryptocurrencies.

The liquidation of a significant number of leveraged positions, particularly in major cryptocurrencies, also have the ability to create a cascading effect across the entire market. Leveraged positions hitting stop-loss thresholds overnight Sunday likely led to automatic sell-offs, further driving down prices.

Read Also: Will Investors Follow Warren Buffett’s Lead And Dump Apple Stock?