I honestly think this is not the cause of one person or some conspiracy. It seems whenever there is a drastic price drop, we always try to run and find something/someone to place the blame on. Most of the time it's just the natural evolution of a parabolic price rise. The bear market has to come, and there has to be a period of consolidation and corrections.
Exactly! It's nice to see there's a few people in the room that don't immediately blame some dastardly "manipulator" for the price dropping. Nobody likes seeing their portfolio drop in value, but blaming whales and manipulators is just irrationally lashing out. Clearly, there wasn't enough to demand to sustain support at $6,000. Now distribution continues, as the market searches for a support level where demand is strong enough to reverse the market.