The drop is caused because Cryptsy is collapsing, I think.
If a reasonable solution is reached, then we'll see a recover, otherwise two more years of bear
Causing a fall of $ 430 to $ 370, loss of 1 billion dollars in marketcap, in 1 single day? I don't think so.
I'm sure it helped. Not Cryptsy itself, but Cryptsy reaffirming the (seemingly obvious) fact that so-called 'trustless' currencies, like filthy fiat, rely on trust.
Only instead of needing to trust legacy institutions -- greedy banks and their henchmen, the lying governments -- trustless currencies require you to trust fellers like TradeFortress, Ukyo, and Big Vern.