Enlarge (credit: Oliver Mallich )

Major cryptocurrencies suffered big losses on Monday. As I write this, bitcoin is down 14 percent over the last 24 hours, while ether is down 16 percent. Other major cryptocurrencies—including solana, dogecoin, and litecoin—are also down by double digits, according to CoinMarketCap .

The cryptocurrency crash is part of a broader market sell-off. The S&P 500 stock market index fell almost 4 percent on Monday amid fears of faster interest rate hikes from the Federal Reserve. High interest rates put downward pressure on all assets, including stocks and cryptocurrencies.

Another big factor that may have spooked cryptocurrency traders was the Monday announcement by crypto lender Celsius that it was suspending withdrawals. The company said this was the result of "extreme market conditions."