Crypto market suffers the biggest drop this month; why is the market bleeding?

The crypto market experienced a major sell-off on January 7 amid rough economic data. The price of Bitcoin dropped drastically after topping $100K the day prior. The dip also affected major cryptocurrencies and caused over $150 million in liquidations. source: https://www.cryptopolitan.com/crypto-market-suffers-the-biggest-drop/