I'm not sure if it is the causation but China took drastic restrictions on cryptocurrencies yesterday, and Chinese players IMHO held a big share of those crypto

I'm not sure if it is the causation but China took drastic restrictions on cryptocurrencies yesterday, and Chinese players IMHO held a big share of those cryptos. Also, people in China would call it "unplug" when exchanges going down. It's a popular meme because people find every time the market crashes those Chinese exchanges would go down as well, thus many people believe they intentionally did that to let oligarchs sell their crypto in back channels first.