The value of cryptocurrencies drops by $270 billion, with bitcoin and ether experiencing significant declines.

• On Sunday, the cryptocurrency market experienced a significant decline, losing approximately $270 billion in value within a 24-hour timeframe.
• As investors sold off risky assets, both Bitcoin and ether experienced significant declines.
• In two years, the Nasdaq had its worst three-week performance, followed by the slide.

On Sunday, the value of the cryptocurrency market plummeted as investors continued selling off risky assets.

The value of cryptocurrencies decreased by approximately $270 billion in the past 24 hours, with bitcoin experiencing a 11% drop and ether experiencing a 21% plunge, according to CoinGecko data.

The decline in the crypto market occurred simultaneously with a broader drop in equities in the Asia-Pacific region. Japan's Nikkei 225 fell by up to 7%, continuing its losses from the previous week, after the Bank of Japan announced it would increase its benchmark interest rate to its highest level in 16 years.

The Nasdaq in the U.S. dropped 3.4% last week, pushing it into correction territory, marking its worst three-week slide since September 2022, when the market was in a freefall, and tech-heavy indexes were hit particularly hard.

The decline in stocks last week was partly due to poor earnings, a weaker jobs report, higher unemployment, and a declining manufacturing sector. The U.S. Federal Reserve decided not to lower its benchmark rate and did not promise a rate cut in September, which many market experts had anticipated. Lower interest rates are generally associated with better performance for risky assets.

The world's largest cryptocurrency has reached its lowest price since February, trading at about $54,000. Despite this, it is still up almost 23% this year.

The price of ETH, the native token of the Ethereum blockchain, dropped to approximately $2,300 and has wiped out its gains for the year. Additionally, Binance's BNB token experienced a decline of over 15% and is currently trading 10% lower.

This week, investors are focusing on new trade data from China and Taiwan, as well as central bank decisions in India and Australia.

The approval of new spot exchange-traded funds for bitcoin and ether by the SEC this year has led to a broader base of investors experiencing the latest crypto wipeout. These ETFs have attracted hundreds of millions of dollars in investments. On Friday, CNBC reported that Morgan Stanley would soon allow its 15,000 financial advisors to pitch bitcoin ETFs to its clients, marking a first for Wall Street.

WATCH: Bitcoin swings amid broad market selloff