The cryptocurrency markets are down frequently because it's still new, there's a great deal of scrutiny around this market and regulations, bans, etc. the low prices are related to fear, uncertainty, and doubt (FUD) of the general public and of course there's always market manipulation too which I'm sure is occurring right now where the big money investors are trying to push the weak hands out so they can stock up on their cryptos at low prices. It's just the way of the world, it's how every market operates.
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