There were a lot of bad news about Tether, India banning stuff, China banning crypto (for the 100th time since 2013 ) again, tax relief on stock market in USA and more and more and more.
Other thing to note is that its soon Chinese new year and everyone is going on a vacation.
A lot of people that bought high are now panic selling or just panic selling or just selling because they bought 5 years ago.
Market as a whole needs a hard reset, not to go from the beginning but just install new components like USDT to USD, some regulations that would contribute to better crypto world,...
Lots of people forget that we are in the price range from end of November and if you look at the price from one year ago we are still up a-lot and you cant expect 1000% gains every month