Such a huge volatility means big players are manipulating bitcoin.
no one is manipulating the market, it happens that like every market when people are already profitable they simply sell, this is normal. we cannot expect everyone to do hodl, there are hundreds of people who bought at 30,000$ and as soon as the price reached 60,000$ they started selling and are selling even now and will probably buy when the price is lower (if it is more low, something I don't believe happens)
So is that good for motivating other countries to make it legal tender as currency?
this volatility does not prevent countries from adopting bitcoin
I agree, and there's no denying that everyone treats bitcoin that way, buying when the price is low and selling when the price is up and it's profitable and that makes the price of bitcoin go down because of the sell-off after a new high.
and it's normal it will continue to happen every time ATH happens because a lot of people are profiting and everyone is a whale the difference is the big whale and the little whale, and it will probably happen again because now is the perfect time to make buy and hold until a new high is reached and sell.
and that is the occurrence of unavoidable volatility.