The major reason right now is because the MtGox exchange seems to be having a number of difficulties across the board (usage, communication, management, and more!) and as a result is bringing other exchanges down as confidence slips a little and the price along with it. Dealing with them is almost akin to gambling, and people are basically betting (or not betting) if MtGox is solvent or insolvent (and their price per BTC is somewhere around $150). This is a pretty simple explanation, but there are a lot of other discussions going on which you can check out.