There were two main theories I saw.
One was that mining rates dropped due to flooding in China which temporarily took out ~10-30% of the total hashrate.
I don't buy this theory.
The hashrate drop started somewhere Friday, just one day after the retargeting, it was visible on every graph
on Saturday and nearly all in the users knew about it the drop, it was pretty obvious, so why would the sell-off start 24h later and be just an instant crash with no prolonged repercussions?
The situation in China hasn't stabilized yet, the fees are through the roof, all the trigger elements in this scenario are still there and affecting the network yet the price is recovering even with no indicator that the entire hashrate isn't done for.
Although I don't like the manipulation theories at all and usually I