Question Monitor crackling sound with white horizontal flashes ?

Jan 24, 2021
I am getting these weird crackling (electronic sounds) and sudden horizontal bar flashes on the screen when I start a game.
It keeps happening for a while even after I close the application. I am not quite sure if the issue is with the monitor or the GPU. The GPU temperature has not crossed 75 degrees or 80 even after playing for half an hr. It is within the limit. \
It happens even after a cool down to 40 or 45 degrees C. Keeps recurring every 2-3 minutes for 1 or 2 seconds and it's fine again.

Brand new rig: One week old.

Video for reference:

Monitor: 34 Inch Ultra wide monitor IIyama G-MASTERGB3461WQSU-B1
Ryzen 9 5900X
MSI Ventus 2X RTX 3070
32 GB Patriot Viper RAM
Lian Li Lancool 2 Mesh case
Noctua HND15 Cooling system
ASUS ROG Strix x570E Motherboard
HX750i Corsair Platinum PSU
3 TB Sabrent Rocket NvMe SSD Gen 4.0

Please help! I've been looking for solutions online. I am not quite sure I was able to identify someone else with a similar issue.
Not sure if it's a hardware issue or a driver issue.