Good guess, China just declared crypto currency illegal. Now we have those crypto millionaires in panic on top of the volatile fund quarter end rebalance. On the crypto front, at some point the bubble was going to burst.
The real estate developer Evergrande defaulted on an $83M bond interest payment and they have hundreds of millions more payments due the rest of the year - they have ~$20B in USD bonds issued and have a total debt of a massive $300B - China may let them go BK, and that would lead to a global market meltdown IMO. Their bonds are now trading at 25% to par - ouch - that's as junkie as junk bonds get.
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