What happened with the price of bitcoin yesterday and today is a common speculation. Knowledgeable people withdrew their money from bitcoin and invested in bitcoin cash, now they sell cache and buy bitcoin again. Financial fraud, nothing more.
No one from the large hodlers is stupid enough to convert their precious coins into something to trashy as Bitcoin Cash. That coin got pumped by its shady creators that got it covered with their deep pockets.
They control the far majority of the circulating supply, which is basically them having bought their own coins on the way up. It's a classic form of manipulation that seems to make noobs go nuts and buy in at peak levels.
Anyone with common sense will just ignore Bitcoin Cash. Other than that, everything that happened was indeed nothing really special. If by now people still don't get how this market works, they likely never will.