I guess some people are just disappointed with the price now expecting for it to go up just like last year during this time but then the opposite happened and it keeps going down. With this kind of market, some I believe already gave up and sell their coins with no plans of turning back again. Some panic sell seeing the price continuously go down. With the news about the fork of bitcoin cash, others sell their bitcoin for bitcoin cash to have the free coins and then the price wasn't able to recover.
Still, many banks and governments are incited to make money more digital. My thought is that we're probably going to face a situation similar to what happened with regard to Lehman Brothers: There's a high risk for Bitcoin to sink, but the rest of the cyber-currencies will be saved.