The crypto market is down today due to several factors:

1. **Market Sentiment and Liquidations**: The overall sentiment in the market has soured, with a noticeable shift toward stablecoins like Tether (USDT). The rise in Tether dominance indicates that investors are moving their assets into more stable investments, which often signals a lack of confidence and increased selling pressure in the market. Additionally, there has been significant liquidation of long positions, particularly in Bitcoin and Ethereum, which has led to a rapid decline in prices as stop-loss orders and margin calls were triggered

2. **Correlation with Stock Market Movements**: The crypto market has shown a growing correlation with the Nasdaq 100. As U.S. stocks experienced a downturn, largely due to anticipation and uncertainty around Nvidia's earnings report, this sentiment spilled over into the crypto markets. The Nasdaq 100's performance is seen as a barometer for tech and growth stocks, and any negative movement there can impact cryptocurrencies, which are often viewed similarly to tech stocks【7†source】.

3. **Technical Factors and Market Dynamics**: There are also technical factors at play, such as resistance levels being tested and not broken, leading to a pullback. The broader market is experiencing a technical pullback after testing a descending channel's upper trendline. This kind of movement is typical in markets that are consolidating or facing uncertainty【7†source】.

Overall, a combination of poor market sentiment, correlation with traditional financial markets, and technical sell-offs have contributed to the current downturn in the crypto market.