The latest highly unexpected moves coinided with new major attacks between Ukraine and Russia.
Although the cryptocurrency markets are open during the weekends, they have become prone to volatility over the past several months, which returns on Monday morning.
However, something strange happened over the past several hours: most digital assets experienced a sudden flash crash. It wasn’t an isolated case, as major AI stock perpetuals plunged by up to 5% within minutes, before rebounding. At the same time, calls for a “Black Monday” have skyrocketed, which could actually be a blessing in disguise.
Flash Crash for All Markets
Numerous reports on X outlined the rather unexpected developments that took place on the futures markets. Recall that most financial markets closed a painful week, with the S&P 500 dropping by 2%, the Nasdaq 100 and the Nikkei tanking by roughly 5%, while the KOSPI plunged by nearly 14%.
Some major perpetuals, most linked to AI stocks and semiconductor businesses, dropped hard on Saturday evening/Sunday morning, including SOXL (-5.45%), SNDK (-3.6%), MU (-3.42%), and others. Most losses were quickly erased, with markets rebounding from this flash crash, but millions of dollars worth of leveraged positions were already liquidated.
Something similar transpired in the crypto markets, with BTC dropping by a grand before rebounding by $1,200, and ETH tanking from $2,420 to $2,360, and back to $2,410. Many analysts caught these moves and questioned whether this was just a weekend shakeout or a warning before “Black Monday.”
BREAKING: Something very WEIRD just happened.
Bitcoin and Ethereum suddenly dumped, while major AI stock perpetuals plunged 5% within SECONDS, then quickly bounced.
No obvious news. U.S. stock markets closed.
With onchain trading running 24/7, there’s no rest anymore.
A weekend shakeout… or a warning before BLACK MONDAY?
— Crypto Rover (@cryptorover) October 18, 2026
Calls for such a “Black Monday” development have skyrocketed over the weekend after the painful end to the previous business week. However, the Kobeissi Letter believes such expectations typically lead to the opposite move and predicted the S&P 500 could soon hit a new all-time high of 8,000 if “history is any guide.”
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Ukraine Hits Russia
Although they might not be directly related, these price moves coincided with the latest escalation in the war between Russia and Ukraine. This time, the latter struck the St. Petersburg oil port and “set it ablaze,” according to reports on circulating videos online.
The two sides had reached an agreement earlier this week to refrain from hitting each other’s energy centers, which was reportedly violated by Russia. Ukraine’s President Zelenskyy said his country will restart attacking Russian energy sites.
