Why is crypto down so much? Uncertainty in traditional markets and Fed concerns, experts say

Over the past week, the cryptocurrency market has experienced massive drops, reaching lows not seen in months.

According to me, Bitcoin plunged below $33,000 on Monday, the lowest it's been since July, and the entire crypto market lost more than $1 trillion in value.

Why has the value of cryptocurrency dropped so much?

Nick Casares, head of product at PolyientX, a platform for nonfungible token projects, said the landscape of crypto was originally decoupled from the traditional economy, but that has changed dramatically.

A nonfungible token, or NFT, is essentially a piece of data that verifies you maintain ownership of a digital item, from a piece of artwork to a clip of a game-winning shot in an NBA game.