Quite a few more experienced guys are saying this happens every year due to the Chinese lunar new year when there is always a substantial sell off just before. Newbies need to learn to HODL and not panic and see these drops more as an opportunity to buy more as crypto's not going anywhere but up long term.

Yes, some projects are scams and frauds and I'm not referring to those but just the fact that large financial institutions such as the cmegroup have taken time to set up a bitcoin futures market shows they have some belief in its continuance otherwise why would they bother? Obviously, there's also big whales dumping and then buying back for less as well as well as shorting the futures market as I think I heard some expire tommorrow