Did 6 news items cause the worst night in the history of crypto, leading to a market catastrophe?

On March 10, the cryptocurrency market experienced a significant sell-off that caused Bitcoin and Ethereum to fall by 7% within 12 hours. This was attributed to a combination of negative news hitting the market simultaneously. Huobi token (HT) experienced a 90% drop in value due to leveraged liquidations by some users, while Ethereum was marked as a security in a lawsuit filed by the New York attorney. Hedera Hashgraph (HBAR) shut down network services, fueling rumors of a possible hack, and Silvergate Bank announced its closure due to regulatory concerns. Additionally, President Biden proposed a 30% tax on crypto mining electricity usage as part of his budget plan to reduce environmental impact and mining activity. Lastly, Silicon Valley Bank suffered a 60% plunge after selling off its bond portfolio worth $21 billion, which had a significant impact on the economy. Despite the fluctuations, some in the industry, such as Sun, maintain that they are normal.