Friday, the S&P 500 fell 1.7% by market close, Bitcoin fell 1.1%, and gold saw a decline of 1.7%.
"The key here is to just understand the type of market we're in, and when you're in a bear market, it takes a lot to get price to go up because people are scared. If you're in a bull market you could have the tiniest bit of news and price will rip up. It could even be news that's not relevant, and we've seen stocks like GameStop, AMC, all these things just go to the moon.
Bitcoin last traded at $19,215. Soloway said that a further decline beyond the $12,000 support level could happen if financial conditions deteriorate further.
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