The major reason could be the social media post and topics of crypto being legal or not in the press / news , since its neither legal nor illegal in many countries people get fluxed and when in news they see that the media states its nor legal and undershadow neither illegal people might get more confused ,
People have set their own margins till where they would hold and would retract once they reach if they are close to the margin and the news spreads that the bubble would burst they all would just   ignore and remove their assets  fearing of losses .