The crypto markets are currently held tight in the grasp of the bears. At the moment, there does not seem to be any specific news or event that has triggered the strong decline but one possibility is that some short-term investors who had been holding on to their positions in hopes of a rally are dumping at the current prices.
The announcement of the first phase of a trade deal between China and the United States and the likelihood of the US Fed will not raise rates in 2020 appears to have boosted sentiment in the US stock market which are again close to reaching new all-time highs. Hence, it’s possible that some money might flow out of crypto and into the stock markets.