maybe the conditions of the exchange place are falling like this because of bad news and because there are so many panic traders that make the price condition very easy to collapse like this, if the price of bitcoin falls it will be very difficult to increase prices again.
Or probably people don't want to invest, simply as that. Its a dramatic fall, just look at Ethereum, they suffered the most because the price is below $200. But then again, if you just check the historical logs, bitcoin doesn't go on parabolic because there's no asset that can sustain a continues growth. We might be falling, but we are still far from becoming obsolete. Everyone should not panic and just stick it out and I'm sure everything will go back on normal with the price climbing to a new all-time-high.
People waste too much time trying to find some kind of explanation in conspiracy theories about why the price is going down, most of the time the most simple explanation is going to be the one that is true and after the price crashed no one that is not truly convinced about the future of cryptocurrencies is going to invest in this market, and without new investment coming into this market the price cannot grow.