I am not sure if this is the entire reason for the crash, but only partly the case. The only thing that will cause the market to grow at this point, would be from organic growth. 
     If you follow the market data of Bitcoin itself, then research news articles on days of the downtrending, you will see a persistent pattern. Everytime a major government agency, whether in the U.S, or Europe, China, etc, issues a statement of regulating policies regarding crypto, the news sends the market into a frenzy. Whenever there is news of a major crypto heist from hackers, the market goes into a frenzy.
    The U.S is the trendsetter when it comes to finance and politics. Other smaller countries usually wait until the U.S issues their guidance upon a worldwide matter before making any sudden advancements.
    With the recent news of the SEC postponing the Bitcoin ETF proposals, the market has gone into another frenzy. The more good news we receive from the governments, the more stable the prices will become, in my opinion!