Well, of course it's a reason behind the fall of the price. Also, maximum investors intend to predict the price based on the market talk. So, they go haste and the market becomes a bit unstable and the price falls.
If someone is making predictions based on market "talk" then they are not investors in the first place. Rather they are speculators and people should be cautious in dealing with them. There are trolls and shills for and against every project there and idiots from the interwebs often fall for them putting their money in the wrong place. If they are making haste and selling, I would call them weak handed get-rich-quick wannabes.
So does this means media are profiting well for spreading bad news even if its not totally bad news at all they only add false stories to make news more live and really convincing to most crypto people/traders I understand now dont believe well in all media publications its 50% real or fake.
Fake news is mainly done by whales who want to manipulate the market for their own greed. This might seem like a conspiracy theory but its is said that the media is paid by them to spread these news.
Otherwise how would you explain the coordinated FUD attacks on news websites like Telegraph, Forbes, Bloomberg at around the same time and against bitcoin?