I believe its a combination of a few factors,
1. Correction
2. Cycle
3. Manipulation
These three small factors have a huge impact on the market, its happened to the stock market as well, people are mass selling because they see the price of crypto falling down, kinda the same what happened when China bought BTC and the price rose up to 1200$ back in the days. We are now in the anger fase and try to blame it on someone or some entitie(s) e.g goverments/banks. My advice buy them while they are on sale because the next time we hit a cycle may be over 10 years. Its a opportunity to make profits.
Also people here in the west need to use bitcoin more. It needs to go in circulation, only then you will see bitcoin and other related coins its fully potential. Then crypto's will have a true value other than making money, but an other alternative for cash.