Why did Hedera crash?

Could you elaborate on the reasons behind Hedera's recent crash? I'm particularly interested in understanding the market forces and technical issues that might have contributed to this decline. Was it due to a lack of investor confidence? Or was there some sort of technological glitch or security breach? Could regulatory changes or competition in the cryptocurrency space also be a factor? As an expert in this field, your insights would be invaluable in helping me grasp the complexities behind this event.