I think the mix of negative occurrences became the reason of bitcoins collapse. The mix consists from BCH war, regulatory actions of the SEC towards ICOs, and bad condition of the global markets that dropped during the last months. And behind the scene, the crypto whales contributed and dumped bitcoin to its lowest price since the last year.
I agree and as what we can see we still don't see any BIG improvements to the market. There is a little movement from the market but unlike year 2017 it really boost like a rocket that's why many BIG investors got interested with bitcoin but as what we can see, big dump for bitcoin up to until now, but I think this year can have a good potential now as it move upward even little by little.
I think yesterday pump was good to see in crypto market. But If you compared to 2017 result it is not satisfied because big manipulation was occur in last year chinese new year. So it takes some time to improve slowly and if believe the crypto potential you can wait for next bull run.