This crash is because china has announced for the 3rd time in 8 years a ban on financial institutions from doing anything related to crypto, that has been the case since 2013. You can see the initial dump happened china time.
This sparked HUGE rush in China and greater region to dump all crypto for balance sheets. Some of the revenue generated from selling off everything will be sent out of the country to reinvest. They can’t send the crypto overseas. They aren’t allowed to transact or deal with crypto. This caused the crash.
When other countries saw the crash, panic selling began. Entire market is down almost 30%. Whales and institutional investors will reenter from China after they successfully move their currency to another location that allows crypto.
Once the money reenters the market, it will explode. In addition, who do you think is buying up all the panic sellers crypto? For every seller there is a buyer. They are going to be the real winners here.
Crypto is not illegal in the US and most other countries. This is going to be one of the biggest transfers of wealth in crypto history in a long time. Do your own DD and if you panic sell that’s fine, you will just make smart traders filthy rich. When this money gets injected back into crypto from China, it’s going to explode rapidly, and you will barely be able to enter in the market at the low.
Remember most miners are in China! The demand is still there for mining, someone else will pick up the slack.