It seems that some may be pushing crypto currencies lower with the idea that if they go too low and are unprofitable to mine for an extended period of time the miners go bankrupt and mining stops and crypto fails. The companies that have started to incorporate blockchain into their centralized operations will survive and blockchain and its recorded record of things in the applications of those companie will survive and blockchain survives but decentralized ledgers go away.
Is this going on? Someone Knows. How long before miners start to fail? Someone Knows. Have we seen the bottom in this market? Not Likely. Naked and covered short selling will continue to drive prices lower for the near term. Anyone who lends their coins to short sellers does not understand the game. Exchanges that allow short selling will fail with everthing else as eventually volume dies and so do they.