It was not because people really want to dump their coins but they were all manipulated by a great fear when those paid media interpreted those crackdowns and regulation a massive threat to us. It's just like CNN and national news portrays or shows all Muslims are terrorist and all Mexican drug addicts. But in this issue, the media shows to uneducated investors that crypto has no value or no future.
Media has a big power in their hands over each and everything. Crypto market too isn't an exception, earlier it was the whales who easily manipulate the market through panic waves. Now the same is being done through the media as the intermediary. This will change slowly when people get to know about the true need of cryptocurrencies.