of course it could also be that the market is crashing because it was just a bubble

Bubbles only pop when it becomes either saturated or useless wity not enough substance to back all the hype. So absolutely not, this is not a possible reason. We already have real use cases of the blockchain; an example here is "steemit".....plus the many others..

Have you ever noticed that the Bitcoin network is congested and as result no one wants to move Bitcoins around. To send $500, it costs more than $100 in fees. Bitcoin has been struggling since. The authorities are Smart, they know when to act to make things look worst than it really is.