Well regulation and negative news from various countries can be considered one reason but personally i think there was a big correction due after 1000% gain in the price in 2017 so it is perfectly fine market cycle, now i think correction is also fading away so there are high chances of next upward movements.
People now are thinking that market is just a bubble and it could not pump again like it done in 2017 but for me is the same like you said, marketn ow is in the down but in future it could go up that fast like it went down some time ago.