It's down for a variety of reasons. For starters, we are almost certainly facing a recession. The bond yield is once again on the verge of inversion (another indicator for recession). Hedge funds (such as Citadel) are selling their holdings in Luna and Bitcoin. Due to a Ponzi scam, Luna recently created a massive market crash (but don't let that stop you from investing). Inflation is rapidly increasing. These are some of the major variables causing the market to fall. Allow time for it to settle and it will recover. The question is not whether, but when.

Why is crypto going down?