This is why Hive crashed

South Korea introduced new strict regulations for their exchanges:

https://www.coinspeaker.com/south-korea-delisting-risky-altcoins/

South Korea’s government plans to release a set of rules for how companies that trade virtual assets should operate. This will happen after a new law called the Virtual Asset User Protection Act is enacted on July 19. The guide containing the rules will be given to 29 exchange companies that provide virtual asset buying and selling services. Some of the major exchanges that will get the guide are Upbit, Bithumb, Coinone, Korbit, and Gopax.

These exchanges will then be required to conduct an initial review to determine whether to continue supporting the trading of the cryptocurrencies currently listed on their platforms.

Subsequently, the South Korean financial watchdog will require exchanges to perform regular assessments of their crypto trading instruments every quarter. If, in the process, they notice or identify potentially risky cryptocurrencies, they are required to place cautionary notices on these tokens before eventually delisting them.

Also, six months will be given to exchanges to review currently traded coins and determine whether to maintain trading support.

Notice Upbit on there - it's a major exchange for Hive (and Steem).

Anyway Upbit's customers panic-sold coins which rumours said would be likely to be delisted, and Hive was one of them. The people whose bid orders got filled transferred their coins to Binance and dumped them there. Various Hivers noticed the movement of coins:

Upbit had 140M in HIVE, now is 118M, Binance had 26M now is 40M

And here we are.

It's likely the panic has further to run. Until the regulations actually come into force on July 19th, rumours and FUD about delistings will drive trading.