Why is there a sudden decline in the price of Ethereum and Bitcoin?

[Mr.Wright]

Given the sharp drops in ETH (under $1700/$1600) and BTC (below $79,000), what factors triggered this sudden crypto market crash, and what are the short-term predictions for price recovery or further decline?

[Kaile]

This drop is due to many factors, like market conditions, inflation, or interest rate hikes; regulatory concerns; global economic uncertainty; and many more. These short-term dips are uncertain, and definitely in the future, it will bounce back.

BTW, the current price of Bitcoin is $94,831.68, and Ethereum is at $1,810.75.