A fall from $1100 was pretty much guaranteed considering the insane speed at which the price rose to get there. There's tons of discussion about why the price fell to where it is now, but the main factors that are often cited are the MtGox fiasco, as well as all the uncertainty coming from China.
It's really impossible to tie down exactly why a price fell. Some people probably lost confidence and tried to cash out into USD, enough people do this with a high enough amount of coins, and the prices sinks. What motivated all of them isn't really possible to determine.