My theory:
Because America printed too much money, was not rigorous enough with unemployment benefits (a lot of workers got “too much” money from unemployment, and now don’t find a strong enough reason to return to menial labor jobs), and concerns about COVID and traveling is causing people to shit their pants, cash out, and buy homes and cars. Thus most people are liquidating their crypto currency, and thus the market is plummeting.
I still think it is very odd—
If the traditional stock market is tanking, then technically crypto (Bitcoin) should be going up.
I think now that effectively America has lost her US DOLLAR hegemony on the world, slowly but surely the value of the USD will keep dropping (just note how base Apple MacBook Air prices are going up). I feel in the long decades term, people will have more faith in Bitcoin as a storage of value than the US DOLLAR.
I may be wrong, at least my thought is my own.
Personally speaking, I bought the dip and bought more bitcoin.