There are no fundamental negative factors; it's purely a conflict between new and old crypto leaders. Their world-class influence has caused a transmission of prices in Tesla, U.S. stocks, and the crypto market, leading to a decline.

There hasn't been any actual selling pressure, such as the Men Tou Gou crash, the German government's liquidation, or the FTX Alameda unlocking and selling pressures. These types of actual selling pressures can impact the market for a longer time; otherwise, the sentiment-driven decline can just as easily rebound with sentiment.

And look, after a good sleep, there was a significant rebound, trapping all the short sellers who were chasing downward.