People like to believe that, but it's just regular selling pressure after a crazy bull run backed up by nothing but hype. I do however believe that the insane load of rubbish news did somewhat accelerate the correction, and probably made it bottom out sooner than usual. It's no longer coincidence that after a major increase, when a correction is about to kick in, suddenly we get flooded by negativity. It's a well coordinated attack to achieve what market movers want to achieve, which is sell near peak levels, buy back around bottom levels, and repeat. While noobs keep panic selling, whales have more than doubled their coin holdings. This very well explains why just like in the regular non crypto economy, the gap between poor and rich is only growing larger.