I think the main reason is the moonboys and Fudsters.
I think, these moonboys and fudsters cannot carry on if the market is regulated. People buy the FUDs they are spreading because of the uncertainty of the future of crypto. So apparently, the main reason is the lack of regulation. Had the market been regulated, things are not this worst for all of us. I strongly believe that the crypto market desperately needs to be regulated and legalized. That's the only time we can ensure full trust and back-up from the community, which undeniably is important in stabilizing the market values.