It's the media and something akin to a concerted attack on crypto from all angles.

The FUD started from Musk claiming Bitcoin is bad for the environment and then China banned Bitcoin for the one millionth time. That has become a recurring theme tbh.

The media and anti crypto people have taken advantage to shake out a lot of weak hands. However, in the process, the market is learning and the crypto class of 2021 will adjust to the situation and the market will get back stronger.