The cryptocurrency extended losses on Monday amid further losses in the second-largest coin, ether, and the prospect of a global wave of monetary tightening from the US to Europe this week.

Ether was down 5.6% to a two-month low, trading around $1,302 as of 10:35 am in Singapore, while bitcoin was down about 5% to below $19,000. Tokens such as XRP, Avalanche, Polkadot and others suffered heavy losses.

The Ethereum jump caused by the hype surrounding the Ethereum blockchain upgrade since mid-June is now unfolding rapidly, and the makeover is now complete. Meanwhile, investors are bracing for volatility that the Federal Reserve will raise interest rates sharply this week in response to price pressures.

The Ethereum update—merger—to reduce energy use is a “huge shift,” but “macro outperforms in this inflationary environment,” Antoni Trenchev, managing partner at crypto lender Nexo, wrote in a report.

That was evident in the pressure on a range of assets: Global stock markets have all but erased their gains since mid-June in what, for many, has been a bear market rally. US stock futures fell, and the US dollar index rose.

Elsewhere, reports that Ripple Labs Inc and the US Securities and Exchange Commission are seeking an immediate ruling in a court case over Ripple-affiliated token XRP sent the latter down as much as 12%. The SEC found that Ripple was “reckless” in claiming that XRP was not regulated security.