It's because of the korean fud, when all of this is over we are going to see a new ATH for bitcoin and altcoin, maybe this time we will reach a trillion dollar market cap
I am not aware of the reason why this recent day dump is happening on the all cryptos bro. After seeing your information I have search about it. There is bill passing in the south korean governement and the finance minister against the bitcoin tech.
With in some weeks we will find the more value as you said I think. You please refer the link I have shared below about this news.
https://www.financemagnates.com/cryptocurrency/news/south-korea-poised-ban-crypto-trading-police-raid-crypto-exchanges/