"somebody here could venture a guess about the reasons for the sudden drop"
It has no inherent value, is a poor currency substitute, it is a poor store of value, and is on a long term trajectory to zero. People are realizing this and liquidating large/low basis cost positions.
It has no inherent value, is a poor currency substitute, it is a poor store of value, and is on a long term trajectory to zero. People are realizing this and liquidating large/low basis cost positions.