Crypto is a new market for many people. Not everybody has the time to learn the fundamentals so when they hear a rumor they panic sell and when it recovers they buy at a higher price. Exactly the opposite of what reason dictates.
Fear and greed are running the show and that’s why it’s volatile at the moment. Once investors become more experienced, volatility will subdue, like in other more mature markets.
Now is time to buy at a 40% discount. Big investors know this and that’s exactly what they are doing. Weak hands will wait until the price goes up again to ATH. We, humans are funny creatures.