What is actually causing this big dip? Is this market correction or something else?

Why would almost all crypto follow a similar path? When Bitcoin goes down everything (almost) goes down.

I get how some movement can occur based on events such as margin calls expiring or some government decided to ban / accept crypto. However, this dip is bigger than what we’ve seen for a while, where is this coming from?

Not looking for anyone to tell me to HODL or buy more, I’m just trying to understand.

Thanks in advance for any insight.