The crypto market today is in a red state due to several main reasons. First, pressure from macroeconomics is a familiar "culprit." When central banks, especially the U.S. Federal Reserve (FED), continue to maintain a policy of raising interest rates or signal monetary tightening, capital tends to withdraw from riskier assets like cryptocurrencies to move to safer channels like bonds or gold.
Second, market sentiment plays a significant role. Negative news – such as a major exchange hack, stricter regulatory measures from countries like the U.S., China, or the EU, or even a controversial tweet from influential figures – can quickly trigger a wave of selling.
Finally, "whale" activity (large investors holding significant amounts of coins) could also be a cause. If whales collectively offload to take profits or cut losses, the sudden increase in selling pressure will cause prices to drop sharply, leading to a chain reaction from retail investors.