The current price of Bitcoin is very high because of China's large pump into buying Bitcoins and the fall in value of Yuan. Just today bloomberg stated that China is again preparing to impose curb or Capital controls on Bitcoin by restricting domestic exchanges on sending bitcoins abroad and setting of quotas on how much can be sent. Considering this the price of Bitcoin may stand a chance to fall again.
Although it sounds impractical and impossible to do, this news might be the major reason for sudden drop in BTC today.
that is not really a drop it's like a correction, or manipulation maybe? china is not only controlling the mining scene with more than 70% hash but also is contorlling the market with those pump and dump, that you see each day, i believe that one day this might be a problem for the rest of the world, if chinese will be too big and decide to not go with some necessary change like segwit for example
Is not the one who pays the piper also the one that determines the tune or how else can control over a thing be made manifest? China owns majority of the companies into mining equipment, mining pools, largest volume of transactions is in Yuan and bitcoin and are found in Chinese exchanges. All that gives China a leeway to control the price of bitcoin and by large, bitcoin as a whole. Highlight here, is that the decentralized nature of bitcoin puts a check to how lasting the control can be.