Cryptocurrency markets experienced a significant downturn on Tuesday, marking an extension of the price decline that began in November last year. Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell below its crucial support level of $89,220, reaching an intraday low of around $86,000. This drop reflects a broader trend impacting other altcoins as well, with Jasmy Coin (JASMY) dropping to its lowest point since November 5th, losing over 72% from its 2024 highs. Pepe and Dogecoin also experienced notable declines, falling by over 8%, while the combined market capitalization of all meme coins tracked by CoinGecko plummeted below $60 billion. Experts are attributing this volatility to several key factors.