The main reason for the fall is that the bubble have been burst, people just cash out and take the profit specially in the December madness.
Na.. I don't see the bubble busting because bitcoin got to an unexpected ATH because so many people rushed in too with expectations of a further increase, that means they believed the market.
I see the fall in the area of lack of trust because of the so much fraud that has been withnessed from ico this year. This year happens to be the highest in icos (I think, at least more than last year) and has also been fraud too.
So monies have been lost to a few.
You made a reasonable point here. Funds that could have made Bitcoin scale up in price have been distributed over investments on ICOs.
Yes, Icos which never contributed to the market cap. The invested money were never brought back into the market because of scam. This is affecting the market.