Why the Cryptocoin Crash of 15 June was much needed

On June 15, three well known cryptocurrencies—Bitcoin, Etherium and Ripple—fell nearly 13-17% in one day of trading, while some smaller altcoins faced even higher drops in valuation. The overall decline in market cap of these cryptocurrencies combined is estimated to be around $16 billion. This came as a surprise to many as it occurred a few days after Bitcoin had achieved an all-time high of $3,000. What powered the incredible crash on June 15? What effect will it have on the future