Now that the Bitcoin market is completely in the hands of whales, I guess their intention is to make more people sell Bitcoins and cause falls to fall. But many people do not have such panic, so Bitcoin is still holding today. About $8000.
I dont think there is any relation of this recent fall in crypto market with whales. Whales have already manipulated crypto prices in month of January. The recent drop in prices is because of governments taking action to regulate crypto assets and their exchanges and taking action against its promotion and launching of ICOs. according to me, its the whales that are holding the price of crypto market steady currently against this massive dip.