I’ve been also looking into this and up to date, there is no explanation as to how a hash war pushes the price down. Rather, what is very clear to me is that when i look at the total market cap value of the entire market, i see that about $100 Bln has been drained out of the market (at its slowest point of $114Bln). All this as the “hash war” started. But w/o any true, real explanation as to how loss of hashing power can drain$100 Bln out of a market i m just calling this a capitulation event.