Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.
Because of madness about BTC. Everybody wanted to get some BTC and to sell it, while supply was low. When supply and demand equalized, it has failed.