The price of bitcoin took a massive hit after news of the BitFinex Hack came out. 120,000 Bitcoins stolen is the second largest collapse of a mainstream exchange after Mt. Gox back in early 2014. Just like in 2014, the market sold off, 25% this time, to an unprecedented $465 low. In fact, there is reason to suspect the hackers piled up on short positions just before the news of the hack broke out.
The hack at BitFinex happened right after a pre halving bull trend to $780, as prices dragged out on a sideways consolidation. Now, the price has retraced back up to $600 as of writing this.
The timing of the hack right after a 2 year high is suspect. Mt. Gox happened right after price had peaked at an all time $1200. Price subsequently sold off and retraced back up to $1000. What followed was after was long term bear market that lasted 18 months.