Cryptocurrency exchange Coinbase just wrapped up its worst week of the year. Bitcoin miner Marathon Digital tumbled 20%. A basket of crypto-related equities tracked by Schwab fell to its lowest level since February.

The industrywide selloff reflected growing concerns about the health of the U.S. economy and tracked a broader decline in prices of bitcoin, ether and risky assets in general. The tech-heavy Nasdaq slid 5.8% for the week, its worst performance since January 2022.

In addition to macro pressures, the calendar is doing crypto no favors. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%. The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the “Extreme Fear” zone, indicating that investors are worried about price moves.

Bitcoin slipped to its lowest level since February, falling 4% in the last 24 hours to around $54,000.

In a week shortened by the Labor Day holiday, Tuesday saw the steepest selloff in the broader market after weak manufacturing data stoked fears of an economic slowdown. The 11 U.S. spot bitcoin exchange-traded funds had their worst day in over four months after the report, as more than $287 million was collectively withdrawn from the ETFs.

The data was bad through the end of the week. On Friday, the Bureau of Labor Statistics reported a cooldown in the labor market with August payrolls falling short of expectations.

“The recent U.S. labor market results acted as a moment of truth for risk-on assets like bitcoin, as the labor market is considered the main sector that may influence the Fed’s decision to cut rates this month,” said Leena ElDeeb, a research analyst with ETF issuer 21Shares, in an email.

The total market cap of crypto is down close to 30% from its 2024 peak of $2.67 trillion, and is now at $1.9 trillion. Altcoins like Solana’s SOL token, XRP and Cardano’s ADA all dropped more than 8% in the past week. Ether, the world’s second-largest cryptocurrency, plunged 12% to around $2,200.

Schwab Asset Management’s crypto-themed ETF (STCE), which includes MicroStrategy, Marathon Digital, Riot Blockchain, and Coinbase, fell 11%.

Coinbase, stuck in a court battle with the SEC over whether the exchange engages in unregistered sales of securities, plummeted 20% to its lowest since February. MicroStrategy, the bitcoin collecting company founded by Michael Saylor, dropped 14% for the week on the heels of a 12% slide the previous week.

The top bitcoin mining companies all ended the week with double-digit declines, led by CleanSpark‘s 24% plunge. Riot Platforms lost 17%.

The downward slide is a continuation from last month. However, JPMorgan Chase analysts said in a note on Friday, citing TradingView estimates, that even as token and asset prices suffered dramatic drops, trading increased in August, with total average daily volumes up 8% from the previous month.

As investors turn to what’s coming, one big area of focus is the Federal Reserve.

The central bank could cut its benchmark for the first time in four years, when it meets Sept. 17-18. Fed Chair Jerome Powell said last month that “the time has come” for interest-rate policy to adjust. Analysts anticipate either a 0.25% or 0.5% reduction from the current rate of 5.25%-5.5%.

Looser monetary policy is typically a good thing for risky assets like crypto, which tend to see more investor inflows when borrowing costs drop.

The latest read on inflation comes Wednesday with August’s Consumer Price Index. The readout is another key metric the Fed will consider ahead of its September meeting.

The U.S. presidential debate on Tuesday might also prove a price driver in the crypto markets. Republican nominee Donald Trump has branded himself as the pro-crypto candidate for president and recently headlined the biggest bitcoin event of the year in Nashville. Many in the industry see a potential second Trump presidency as a catalyst for the industry, in part because he has vowed to remove SEC Chair Gary Gensler, who’s long been viewed as a crypto skeptic.

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