Why is the crypto market down this day?

Why is the crypto market down this day?

BTC/USD
-2.12%
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The crypto market is down this day, as a slew of negative news events weigh on Bitcoin, Ether and altcoin prices.

After jumping to yearly highs, Bitcoin (BTC) and Ether (ETH) retraced a portion of their year-to-date gains and the necessary downside catalyst gave the influence to be an announcement that the US Department of Justice would prove enforcement action against Bitzlato and ramp-up rigidity on obvious players in the crypto sector.

Cryptocurrency market efficiency, on each day basis timeframe: Coin360
Bitcoin, S&P 5, Dow Jones and Nasdaq. Source: TradingView

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