Crpto Currency - Waiting for a reason

Crypto currencies had dream run with its main constituent Bitcoin in 2021 up until  April rising over 97% from $29,111 in 1st of January 2021 to $53,260 in 30th April 2021.   Then the drop started in May by 34% and now trading at $ 37,707 which still is a good growth of 30% for 2021.  

The market capitalisation of crypto currencies stood at $1.58 trillion on 24.5.21 which was $2.2 trillion on 1.5.21, in 25 days time a whooping $ 620 Billion has vanished in investors wealth.  

  

What triggered this slide in May?  Two factors are cited, one Elon Musk (Tesla).  Tesla stopped accepting Bitcoins as payment for their cars, there was also talk of Tesla selling off some of their Bitcoin holdings.  Tesla cited environmental concerns caused by crypto currency mining as its main reason for not favouring Crypto currencies this is an U-turn by Tesla from its earlier statement.  

Second reason is China announcing that it will crackdown on crypto currency mining as a part of an effort to control financial risks and also to control high electricity consumption which are gulped down by Crypto currency miners who are majorly concentrated in China 

Question : Are the above the major factors to wipe away value from crypto currencies and will these factors continue to determine value of crypto currencies in future?  To my knowledge No.  Crypto currencies were moving up mad @ 97% in the first 4 months of 2021 and it was looking for some reason to wind down when it conveniently found reason in Tesla & China and dropped 34% in one month.  Now that crypto currencies are down from their high levels they will look to consolidate in the days to come and again look for excuses to move down or move up.  Volatility is a hallmark of crypto currencies and it will always play a major part as there is no regulation from Governments and it will find some reason for moving up or down dramatically making headline news everytime.