Smart money is fleeing into the hardest assets.

Gold, silver, Monero and surprisingly Bitcoin Cash.

Why Bitcoin Cash and why not Bitcoin you may ask!

BCH still has a dedicated community of early Bitcoiners who can easily maintain the price where it is guaranteeing a floor. Same with Monero. Both have actual on-chain use which helps further stabilizing exchange rates.

Bitcoin is owned by institutions that want to shake out people.

People have invested for speculative USD gains. As the market turns around and their livelihoods are endangered by USD inflation they start to sell off Bitcoin as they don't even own XMR or BCH.