It goes without saying that every coin is going down with it ...
This dive is going to be long lasting and worse than people think.
This isn't a dive because of a whale, it's an actual divide, an actual civil war between large factions in the Bitcoin community. Both factions have two different visions for what Bitcoin can evolve into.
One faction wants to take Bitcoin into the mainstream, Wall Street, NASDAQ, stocks, deeds, Coinbase, ETFs, Counterparty, Omni. Another faction wants Bitcoin to stay pure to it's activist roots, decentralized anonymous currency.
The Bitcoin to the mainstream faction cares about the Bitcoin price, because people who are buying into the Bitcoin ETF or who think of Bitcoin as a stock care a lot about the price.
The Bitcoin activist currency faction does not have a reason to care about the Bitcoin price because as long as Bitcoin can anonymously transfer value between Alice and Bob it is serving it's highest purpose and social good. The differences have always existed in the Bitcoin community but now that Bitcoin is on the verge of true mainstream adoption, it has come to a head.
Do we want mainstream adoption and with it a high Bitcoin price rise, but perhaps not the level of anonymity? Or do we want the best anonymous currency for activists?
I'm going to disclose that I don't own many Bitcoins at this point, but I still care about the fate of Bitcoin because it effects everything else.