I wont agree or disagree. I will just be in the middle of it all.
Because it could be one of the reason or not even a single reason that it is the culprit. We just dont know.

Here is the good part though after all this drama about Libra ends.
They will be looking for the real investment and not stay with something that is just equal to USD. Same will happen with USDT. Just used by traders as their scapegoat for large amount of real coins into fiat or for safety because of the volatile market.