No it's not the reason why bitcoin is dropping. Many are taking their money and profits gone out to bitcoin and that's the reason why the price dropped dramatically. But there are also connection with exchanges when bitcoin is dropping and one of it is the recent news about Binance being hacked but it's all good again so we should expect that this drop will be ending up soon but there's no exact date or time when it will happen. The charts are still bloody but percentage went low.