This somewhat reminds of Tulip bubble in 17th century when people bought up tulip bulbs and it was so expensive that you could buy 12 acres of land with one bulb.
Bitcoin has better value than tulips. Bitcoin is like money that never expires. Tulips had limited lifetime. Tulips were expensive when they were initially introduced in Europe then came sharp decline in value. Bitcoin was super cheap when it was introduced and its value rose over time. I think when the panic is over, BTC price will stop declining at some point and will stabilise before any other great news are announced, like Singapore adopts it as second currency or something like this, after which it will rise again to new heights.