The higher the number of population is in the bitcoin world then the more reactions you are going to get. It is not the same result telling 100k people something bad, versus telling 100 million a bad thing. The number of people in the crypto world got higher, and because of this we are going to end up with more volatility due to millions and millions of people reacting to news.
The majority react to news in a way news should work and be used for market manipulation. Very few people who belong to the minority in the market, reacts wisely because they are intelligent and experienced so that they know how all markets work and how news is used for manipulating a market. They are either professional investors or traders, who are preparing their capital and waiting very patiently for such news, to step in and do their investment purchases or open their trade positions. Usually they are very inactive in the market, but they cleverly choose a right time to be active with investment or trading activities.
To understand it, I suggest reading Bitcoin obituaries and see "Bitcoin is death" chart that says "Bitcoin has died 415 times". Surprisingly, Bitcoin price grows exponentially since 2009 and after died 415 times.
https://99bitcoins.com/bitcoin-obituaries/https://www.bitcoindeaths.com/