It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.
Did you think the fundamental didn't give impact to the market? The fact that if these days technical analyzation means nothing when it was facing a very bad news like china was banning crypto from its country.
that gives so many uncertainty for the newcomers about the future of crypto. that creates panic sell in the market and that was also bring the people to dump their coin at the cheap price.
I think that you understand this wrongly dude. The news is everything in the crypto. I think that you can try to see the impact caused by the bad news.