Conspiracy theories aside, one thing to keep in mind is that cryptocurrency market is largely unregulated. This means that it can be and does get manipulated by

Conspiracy theories aside, one thing to keep in mind is that cryptocurrency market is largely unregulated. This means that it can be and does get manipulated by the major players (aka "whales"). The likes of Goldman Sachs, hedge funds, etc. are still able to manipulate the fiat and equity markets despite all the regulation - just imagine what happens on the unregulated cryptocurrency end. An example is that Coinbase was fined a couple of months ago for wash trading: https://www.cftc.gov/PressRoom/PressReleases/8369-21 https://www.cftc.gov/PressRoom/PressReleases/8369-21 It looks like prices for Bitcoin and Ethereum have rebounded from the low this morning by 20%+. So this was perhaps a flash crash, though the cryptocurrency market is always highly volatile.