Would it be fair enough to assume that the project has failed, or failing?
90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".
What's now? Well, manipulations, manipulations, and one more time manipulations. However, that's not that bad, and patient people can still make good money. We're still respecting the market cycles, so the current situation is pretty well aligned with the overall picture.