In my own opinion, the biggest reason why bitcoins is dropping so hard is because of different price manipulators and people who are selling their coins at its lowest price due to fud.
There would not be so much manipulator in the market, if the market is not highly speculative, but I guess people will always want to have some to push the blame on. As long as people keep making decisions ignorantly and with their emotions, they will always fall a victim to those manipulations, and the idea is to drain them out and that is why a lot of people tag them as weak hands. The market skyrocketed last year, with fake demand, so I usually call it, so in that case, what else should anyone who is smart have expected from such movement?
maybe some of the reasons that make bitcoin prices fall right now are bad news that makes a lot of traders experience panic and make prices in the market collapse because there are so many people who sell their assets at very cheap prices.
Bad news are just part of every market and sure, they can have an impact, but the market is in a bear trend on its own, and the cause of the bear trend is something no one can pinpoint even though we try to push the whole blame on the manipulators, but one thing we do not understand is that if there is real life usage and some good level of mainstream adoption, then all these manipulations will subdue, but we just have to live with it as it is.