Strange transparency background issue

I'm not full sure what to even call this problem as I am pretty new to premiere, but for some reason, out of nowhere, all of my clips have a strange layer of gray and white squares (pretty sure it is transparency layer of some sort). This shows up on the clips whenever a video transition occurs, and even on just plain images and text. The only solution I have found for this is to put a black image or video behind every clip in the video, but that solution seems very temporary and takes up space on my timeline. The strange part is this morning and last night, this issue was not present. The only major change I can think of that could have caused this was that I moved several of my clips to a different folder, but I checked to make sure they worked after and they did. I honestly don't know what to do. Any suggestions?