Any other happening other than this would be suspicious to say the least as this negative effect is expected to rub off on any business that have some stake in the crypto currency market. Any business that post any outrageous returns needs to be further investigated. Generally that is the feel. The market is down and investment in crypto related activities is expected to drop because ROI within a short period is no longer guaranteed.
I view the culprit as the stupidity and hype that sent it to $19,000 in the first place. It was unsustainable and it has now very much poisoned mentality as crypto continues to fail to prove a suitable replacement to digital fiat and traditional centralized payment processors.
Its not enough to put the entire blame on this. What really happen was the factors that aid such hype was no longer present but people still kept their expectation that high. There was no significant inflow of fresh funds into the market, fork coins alternatives have been turned to joke, KYCs was pursued aggressively, advertisement platforms to get the words out became unapproachable etc.