If you want to know why the price crashed last night, some answers are:
* Market bug. People worried about the bug, and also those with bitUSD have incentive to crash the price, margin call longs, and get more BTS as a result, then drive it back up.
* BTC38 switching to another decimal point. "Haha BTS is so low now they added a decimal".
* Breaking the .045 CNY support lead to panic selling.
If you want to know why BTS has been in a bear market, some answers are:
* The merger was a huge mistake, and its only effect has been to give millions of shares to PTS/etc holders who are pissed off at BTS, and who just dump the shares.
* Paid delegates needing to sell shares.
* Many promises were made of "1.0 release", "Marketing campaign", etc. When these did not occur as expected, people got upset and sold.
* General crypto bear market. (Though this wasnt the cause of the decline over the past month or two - that was all bitshares).