Why Is btc declining rapidly ?

Cause btc is garb, it's going nowhere. Just buy USD online

There was an unnecessary hype, which drove demand and thus the prices, now the hype is slowly dying and down goes the price.

also there was some crazy theory - about some financial organization called Trinity that is making the price go down. (google it - there was some article on Medium, a lot of stuff there made sense - but it does on all of this conspiracy theories)

Demand just isnt there anymore. Simple, everyones still trying to cash out.

Because the new US tax code allows the IRS to tax crypto trades. the crypto whales (people with hundreds or thousands of btc) wanted to cash out before the 2018 year. that caused this giant crash.

I think that this is quite normal, i mean btc has never been stable.
Sometimes you just need to keep it and wait

Because so many people rushed to the crypto in the late 2017's after john macafee hyped verge (xvg) Raising the value to several folds more than it was originally worth.

Once people began to realize how overvalued it was, people started selling it off and hop on to other crypto alternatives (remember, they're hooked now)
And once time went on. we didn't see any new businesses accepting crypto (btc) due to its volatility.

I was among the fortunate who were mining crypto. i got in to mining RAVEN (RVN) coins within the first month of it being released.
after dubtracting the costs of hardware power usage, and estiamting a rough 15% devalue after its use i still ended up with 200$ in pluss from selling
the rvn. But i am getting off point so here's the

TL;DR

btc got hyped, ppl wanted
Hype stopped, ppl started losing money
ppl started to flee the market, hence the decline.
You can bet your butt someone made a stinking profit off from this (John macaffee COUGH)

I think the recent decline was due to one of the Korean exchanges being hacked. I'm hoping it'll go up soon.

Yeah many people withdraw their cash in the new year of 2018 so it went down pretty fast.

My friend actually purchased BTC at it's peak and been suicidal ever since.

IMO most serious investors knew that bubble is going to burst but they still saw the opportunity to capitalize, those guys have probably bought millions worth of BTC each and once they saw that 20k peak they knew it's time to sell and once they did, mass followed

and it will continue to decline, this coin literally almost has no use, no business is going to accept bitcoin at its current state, even when it was climbing in price, business would be exposed to potential loss in a day time that's why steam stopped accepting BTC once it started to go up rapidly

now the only way for it to stabilize is when only long time investors are left, then maybe more businesses will accept it as a payment