It's really hard to explain this simply, man. There could be several reasons for market manipulation. There's a lot of speculation going around. Some people are saying that CZ (Binance's CEO) created this market downturn to get Trump to pardon him, and that Trump's son made a lot of money by opening leveraged short positions during this downturn. I've seen on social media that Trump's son has made money many times. I'm not that knowledgeable, so I don't know if the account is really his, but there's a strong rumor about it.

Another theory says that whales predicted the market crash in advance, opened short positions, then sold their holdings and profited from the short trades.

Some also say it's just whales selling in large quantities, and the reason is the result of the US trade war against China.

The latest theory I've heard is that long positions opened in the markets want to be cleared. This way, no one can make money if the market potentially goes up. Social media is abuzz with talk of both Turkish and foreign users losing millions of dollars. According to the Coinglass website, traders lost $20 billion that night. This is not money lost by those holding cryptocurrency in the spot market, but rather by those engaged in leveraged, futures-based trading.