The bear market is caused by two main reasons:

1. Christmas holidays: Traders are usually inactive in the market because they do not work during the Christmas holidays.

2. Opportunities for whales: Whales took advantage of profitable days during the bull market after Donald Trump's victory as the US president. The inactive market during the Christmas holidays is a great opportunity for whales to reduce the market price before Trump takes over the White House as president to have another chance to buy and promote their profits. The bear market will continue for a few more days.