Instabuy caused this downfall. Instabuy removed a lot of buying pressure from the market, because now you dont have to wait or place orders on exchange for bulk orders. You can buy bulk cheaper and faster on Instabuy which doesnt contribute to price action at all. They advertise that they buy back from the markets when transactions are verified and validated but now it turns out they havent bought back anything yet and "are formulating a buy back program" which in simple terms is just a market manipulation. Release instabuy, remove most of the buy walls and buying pressure from the open market, sell ico/bounty coins from 0.001 btc price without buying back from the exchange which tanks the price since there are no buy walls/pressure left , wait until price has fallen enough and then buy back all the sold mnx for a big discount and pocket the difference in bitcoin.

This whole instabuy system would have been fair if they would have done like they advertise but reality is a lot different. Main reason why they would crash the market in my opinion is to make cards more cheaper to purchase hoping that more people will buy them to increase future profits from cards use.