Stock markets across the world are down and the Chinese property group called Evergrande caused the Asian markets to fail and then the US and Europe markets followed suite becuase of concerns the huge property group might go bust as they are in so much debt. Crypto also tends to follow the stock markets around the world hence the sharp decline.
That's a bit over the top don't you think? I mean that's crazy to think that crypto follows the stock market because that means that crypto isn't as independent as we think it is because it's basing it's movement to the stock market. Probable cause for the dips in prices is probably that there's more people that's taking some profit and there's also the news of a dormant address that's started moving.
Even though Bitcoin and the stock market are different, there's a connection that holds both of them. They are both in the economy section, yet, many stock investors hold Bitcoin as an asset too. There should be many if you want to list. It's like the central bank of a country having financial crisis, and because people have both fiat and Bitcoin, you'll see how Bitcoin price will go up because they want to convert their remaining fiat to Bitcoin.