While the hash war is probably responsible for around $15 million in sold Bitcoin over the last week, that shouldnt be enough to effect the market so dramatically. I think were just seeing the end of the bubble coming back to reality. This needed to happen and once the remaining speculators are flushed out of the market, we can begin the ride back up to new highs.
Under normal conditions I would agree with you, but with all the negative sentiment out there, plus paper thin orderbooks, and prices close to support levels, it is very well possible.
You don't know how much BTC Craig and Calvin sold. A couple of thousands on different exchanges or OTC desks, using different names or child companies? Then stop loss selling kicks in? I have no doubt that is possible.