Price overall in crypto has been rising a too fast as of late.  Too many newbies who don't understand the tech or the cycles ("weak hands") bought in, and so the correction at the peak is turning into a bubble pop for the whole market.  Not the end of crypto or bitcoin by any means, but not surprising.  Weak hands are in it to make a quick buck, and are far to skittish to handle the crypto markets.

Once the market finds a bottom, I expect experiences Bitcoin trades to buy back in at a steep discount.

Nervousness could also be triggered or affected by the approaching August 1 UASF, and again, lack of understanding of markets magnifies this effect.  Going to take  while to settle down after that date, no matter which way it goes.