The cryptocurrency market is down on March 21, with the total market capitalization dropping by 2.5% to about $2.75 trillion. 24-hour performance of large-cap cryptocurrencies. Source: Coin360Several factors have contributed to the latest drop in crypto prices, including:Over $230 million was wiped off the crypto market in 24 hours after Bitcoin failed to sustain the recent rally to $87,000.Investors are in risk-off mode amid the continued correlation between US equities and crypto assets.A classic technical setup suggests more pain ahead for crypto investors.Bitcoin leads the market slumpThe crypto market retreated on March 21 as traders booked profits following Bitcoin’s retracement from $87,000 after Trump’s speech at the  Digital Asset Summit in New York failed to meet expectations.Key takeaways:US President Donald Trump delivered a video speech at the Digital Asset Summit in New York on March 20.In the 90-second address, Trump reiterated support for crypto but failed to announce any new policies.Ether (ETH) declined for the second day running, falling below $2,000 on March 20, marking 2% losses over the last 24 hours.XRP (XRP), Solana (SOL) and Cardano (ADA) also fell, down 4%, 4.2% and 3%, respectively. The drawdown led to $235 million in leveraged positions being liquidated over the past 24