2013-04-10 Zerohedge: Bitcoin Tumbles 25% In Hours

[elux]

The dramamine ride aboard the BTC rollercoaster continues. After crossing $200 yesterday and hitting $260 this morning, Bitcoin has since tumbled to $200, or a 25% drop in hours, on surprisingly light volume. Only adults should be on board this particular rollercoaster because if the mysterious buyer(s) decide to offload their amassed positions, there will be no stops protecting on the downside. As usual, and as we warned earlier when BTC hit its record high, "those who absolutely must chase this runaway chart should not "invest" one penny more than they are comfortable losing." In fact, at this point it is perhaps only the most habitual of momentum chasing gamblers that should be involved in the name, especially if shorting BTC is indeed as reported earlier, about to become a possibility.

http://www.zerohedge.com/news/2013-04-10/bitcoin-tumbles-25-hours

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We can expect a raft of negative coverage and "I told you so" in the coming days.

Which will act as the perfect springboard for an eventual rise to new highs.  For what it's worth, I think the 150s could be an area of consolidation, and the snapback when lag clears will tell the tale, so far today we've only seen the bad half the story.  Current quotes are totally meaningless with an $40 bid/ask spread.

Regardless, MtGox is truly a pox on the Bitcoin ecosystem.  There will never be price stability until these amateurs are tarred, feathered, and driven out of town.