What causes both Crypto and Stock market to drop like it did?

I hear many reasons like Covid or other factors, such as regulations but what about this time? It affects both markets so it doesn't have anything to do with only crypto, which we could blame on regulations being implemented or being considered.

And it definitely isn't whales since stocks dropped too, so how does it make sense for everything to drop? Very curious to know the answer, maybe it really is because of the new variants of the disease but people still aren't certain about it to sell their investments.