Yep, news in crypto is definitely the biggest catalyst in crypto for price movements. There's plenty of examples of bullish or bearish news affecting coin prices in extreme ways, with some coins like Bitconnect going from a few hundred dollars to sub-$50 in under an hour being a relatively well-used example. A lot of people flock to one news source for crypto information, so one upvoted post on Reddit can cause massive price movements; because of this, crypto trading's both similar and different than traditional trading, with one difference being higher volatility.