Social media users around the world erupted in panic and gloom Monday as Asian currencies, commodities and shares plunged to record lows amid chaotic trading. The benchmark Shanghai Composite index plummeted 8.6 percent to 3,205.73 in Monday morning trade and eventually ended the day down 8.5 percent at 3,209.31, which wiped out all of this year’s gains and marked the steepest single-day slump in eight years. Hong Kong’s Hang Seng index tumbled nearly 4.8 percent, while the smaller Shenzhen Composite fell 7.7 percent.

The record trading day in China, dubbed “Black Monday,” was the culmination of fears over China's slowing economy and panicked investors in Asia who reacted to Friday’s severe sell-off on Wall Street, when the Dow Jones industrial average fell more than 500 points – its worst one-day session in four years. The stock market index is expected to shed 300 points, or 1.8 percent, after markets open Monday. Meanwhile, Taiwan’s stocks dropped more than 7 percent – their biggest ever intra-day decline – before rising back to trade 3.7 percent down.

"It is a China-driven macro panic," said Didier Duret, chief investment officer at ABN Amro, Reuters reported. "Volatility will persist until we see better data there or strong policy action through forceful monetary easing."

Twitter users shared their reactions to “Black Monday” using the hashtag #GreatFallOfChina. Most reacted in despair, but some looked for humor in the market mess.

"We are in the midst of a full-blown growth scare," strategists at JP Morgan Cazenove said in a note.