Analysis of the reasons for the plunge:

1️⃣: The largest banking system in the UK collapsed, affecting 60% of UK residents.

2️⃣: El Salvador, the first country to recognize Bitcoin as legal tender, abandoned its decision to make Bitcoin legal tender.

These two pieces of news caused the market to continue to fall and cause panic. When those who really wanted to buy at the bottom dared not to buy at the bottom, the correction would begin.