Causes plummet of the cryptocurrency market 📉

The fall in the cryptocurrency market is due to a combination of various factors. Here are the main reasons for these declines:
1. Economic instability
International trade tensions: Trade wars and uncertainties in international relations reduce investors' appetite for risk.
Federal Reserve statements: losses on traditional tech stocks and anticipated Federal Reserve statements are having a negative impact on the cryptocurrency market.
2. Market sensitivity
Caution of investors: Market sensitivity, in general, is expressed in a negative mood (bull). Investors are more cautious due to the current uncertainty.
Liquidation events: a major liquidation event that occurred on February 2nd caused panic in the markets and resulted in losses of over $2.2 billion.
3. Plummet in prices of bitcoin and altcoins
Bitcoin price: The price of Bitcoin plummeted to 95,676 USD, which also caused a drop in altcoins.
Altcoin plummet: popular altcoins such as XRP and Dogecoin have suffered significant losses in price. For example, XRP plummeted by 7.21% over the past week.
4. Technical Indicators
RSI drop: The Relative Strength Index value of popular altcoins has dropped to 28, indicating the market entering the oversold zone. This situation suggests the possibility of short-term recovery, but the indicator may continue to fall of the already established plummet.