The main reason for the crypto blood bath in the start of February is the fake news from mainstream media which unfortunately many people still believe in. In-fact there was a time when it fell to about $4500 for sometime on an Indian exchange.
Also, many people who bought bitcoin were new and had no idea what they were buying.
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What fake news?
I'm on holiday so I missed the news for about 1 week.
The Indian media on 1st February twisted and misinterpreted the statement given by Finance minister of India. They tweetted and ran programs telling people that crypto has been banned in India. This caused a havoc, dropping the price down to just 4500$ on an Indian exchange in just 15 minutes. From then on there was a heavy crash.