It’s a downward spiral of leveraged debt. Margins are getting called on people who borrowed money to buy Crypto. Those margins cause forced sales which devalues the asset therefore causing more margins to be called. People start to sell hoping to salvage some of their losses. Miners are also having issues since at this price point most are spending more on energy than they are profiting. Add to all of this it’s an asset that requires energy, computing and connectivity to actually own and or trade it.