Hi DZS,
I'm in agreement with RDD1952 about the tap water. This is definitely a test worth doing.
I can't see any other reason why the pH would fall so drastically. Are you injecting CO2? Driftwood can cause a drop in pH, but it is usually quite gradual and a reasonably small drop unless the water is very soft.
I think, regardless of the cause of the pH drop, it needs to be addressed. It may just be that you have really soft water which needs hardening slightly so it can hold a stable pH. I would recommend ditching your pH adjuster and investing in a small bag of coral gravel. Take a small handful of the gravel and mix it through your existing gravel. Wait a couple of days and then test for pH. Repeat as necessary until you achieve the desired effect. This is a one-off exercise (almost) and does not need repeated every water change, as your pH adjusting product will.
The coral gravel will become exhausted eventually, but not for several years. At this point, you can just add some more.
I would usually recommend that you should find the cause first, then treat it, but in this case, with fish already in the tanks and ammonia / nitrite rising, you need to get your cycle going asap. It is also very important to keep the pH stable with fish in the tanks, so you should act quickly to resolve this. Treat now with coral gravel and endeavour to find the cause later.
Continue your water changes to deal with your ammonia / nitrite issues and you should come out the other side relatively unharmed.
Good luck. Keep us updated.
Cheers
BTT