Its call Bitfinex Hack effect.
119k btc boom.
lets see what happens in next 12 hours.
its gonna be good opportunity too to buy btc at low rates again.
and bad loss for many too.
Bitcoin is not about just buying and selling. Due to this the miners will suffer. if the price goes down any further, then the miners won't profit at all, and hence would likely stop mining and affect the network. Could worsen the situation.