Why did AVAX go down?

Why did AVAX go down? I've been closely following the cryptocurrency market, and AVAX's recent decline has definitely caught my attention. Could it be due to the general bearish sentiment in the crypto sphere? Or is there something specific about AVAX's project or fundamentals that might have caused investors to lose confidence? I'm curious to know if there's been any news or announcements that might have affected its price. Understanding the reasons behind this decline would help me make more informed decisions in the crypto market.