Bitcoin's price fluctuations can be attributed to various factors. Here are some key reasons behind recent drops in Bitcoin's price:

1. **Regulatory Concerns**: Governments around the world, such as the U.S., China, and European countries, have been increasing regulatory scrutiny on cryptocurrencies. This includes threats of stricter regulations, banning of mining activities, or crackdowns on illegal activities involving cryptocurrencies. Such regulatory actions create uncertainty, leading to sell-offs.

2. **Market Sentiment**: Cryptocurrency markets are heavily influenced by market sentiment, which can be driven by news, social media, and influential figures. Negative news, such as hacks, scams, or negative comments from influential people, can lead to panic selling.

3. **Macroeconomic Factors**: Changes in the global economy, such as rising interest rates, inflation concerns, or a strong U.S. dollar, can impact Bitcoin’s price. Investors might sell off risky assets like Bitcoin in favor of safer investments when economic uncertainty rises.

4. **Whale Activity**: Large holders of Bitcoin, often called "whales," can significantly impact the market. If they decide to sell large quantities of Bitcoin, it can lead to sharp price declines.

5. **Technical Corrections**: After periods of rapid price increases, markets often undergo corrections. These corrections are normal in financial markets and can lead to significant short-term price drops as the market stabilizes.

6. **Security Breaches and Scandals**: High-profile hacks, such as those of major exchanges, or revelations of fraud within crypto projects can erode trust in the market and lead to price declines.

7. **Environmental Concerns**: Bitcoin mining has been criticized for its environmental impact due to high energy consumption. Negative media coverage or policy changes related to environmental concerns can affect Bitcoin’s value.

8. **Network Issues**: Delays or problems with Bitcoin's network, such as high transaction fees or long confirmation times, can make it less attractive to users and investors, leading to a drop in price.

These factors often interact with each other, amplifying the effects on Bitcoin's price.