It is neither simply because we have no way of actually measuring hashrate. We can only come up with a rough estimation and when the hashrate value is reported in small time frames such as a single day the error in that value is much greater compared to when it is estimated and reported in a longer period of time.

If you look at different hashrate charts in different sites (that don't copy each other) you can see the charts look the same but the values are not the same.
For example if you check https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3m the average hashrate they have been reporting is about 130 Eh/s and the peak is 161 while the current low is 105 so you can say for the past 3 months the hashrate was 130 Eh/s ± 30 this is how rough the estimation is!
I don't see why the market is panicking over this though.