On deep thinking about the full market movement,it will be the true one.Because the price of Luna was reduced 99.9% from the old value.This give huge impacts to the market.Many people had cash out their entire money from the Luna.Some people had withdrew entire and get the funds out to their bank accounts.It was reasons for the dump.
The effect of a 99% decline in luna prices is very bad for the crypto market, a lot of people's speculation about the bear market today is related to the price loss factor on luna and ust coins, I think not all traders cash out of losses but they will recover losses on bitcoin trading and other top altcoins.
It is true that Luna's collapse did not bring good news for the crypto market. Looking at the situation in the market, one can understand what is really happening and fear has been created in the market among the traders. When one coin was fundamentally very strong and one top coin was Luna. No crypto investor / trader ever thought that this coin would crash this way. But in reality it has happened and traders are closing other trades so as not to fall into such a situation. Hopefully this situation will get better soon and Luna investors will be able to recover their losses from other opportunities.