I think the panic was highly caused by the Bloomberg post on China banning cryptocurrency trading and banning the crypto exchange websites in that country. Imagine how many people might have reacted to that.

I am just wondering who stands behind such news, who pays them and who manipulates them. Oh, wait, I know! The big whales do! 

Anyways, it seems that the market is recovering but we can't be 100% sure that something like that does not happen again.