Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD are all down more than 5% as the global cryptocurrency market cap plunged 5.2% to $1.2 trillion.

The apex coin traded 5.2% lower at $29,370.08, ETH fell 6.9% to $1,734.24 and DOGE is down 5.2% to $0.08.

The sharp downturn was accompanied by a spike in volumes with BTC 24-hour trading volumes up 74.1% to $35.4 billion. ETH 24-hour trading volumes were up 94.4% to $19.94 billion and DOGE 24-hour trading volumes rose 78.9% to $567.15 million.

See Also: How To Get Free NFTs

Cryptocurrencies followed stock futures lower Monday night. S&P 500 and Nasdaq futures were down 0.6% and 0.75% lower, respectively. at press time.

GlobalBlock analyst Marcus Sotiriou noted Monday that Bitcoin faces “significant resistance” around the $31,500 and $32,000 levels.

Read Next: Cathie Wood Says Incoming Bitcoin Volatility Will Be To The Upside