Why the current Pullback in the market is a short term one

The last week Bitcoin and the crypto market has suffered a major pullback and prices have dropped from $8500 to $6900 but I believe this is because of the fact that OkEx let a stupid whale place a long order that they could not even cover and therefore had to force their customers to liquidate to cover the losses. This obivously is a huge breaker of confidence in cryptocurrency and exchanges and will drag the market down with it, at least in the short term. We see this kind of pullback every time an exchange is hacked or breached. The rejection of the Bitcoin ETF also helps in getting bearish sentiment.
However, the large amount of good news coming out this week including coinbase releasing an easy way for thousands of online merchants to accept payments in Bitcoin, NYSE saying they may list Bitcoin soon, and Starbucks saying that they might soon accept Bitcoin at their stores is far stronger in the long run for Bitcoin than the recently short term news of OkEx and the rejection of the Bitcoin ETF(because one will eventually get approved).

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