I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
Miners wouldn't mine and SR is through-put not input. Yeah I do think $1.00 is a bit extreme but not a steady $7.00
which we expect to be thin. Thus raising the price. So low prices like $1 would be inherently unstable and quickly correct (unless Bitcoin's true value was $1,
which I doubt).
Then the dealer would have to sell those coins to live the life of Riley. So increasing the sell side of the order book.
I also don't know bitcoins true value tho it has been bubbling up very fast recently. This is just a slight correction by Pirates manipulation and he has manipulated the market before to lower the price recently. Maybe he has enough funds to do his own business now and is just lowering the market to buy back in to pay his depositors. Although one thing is for sure Pirate doesn't like the price continually rising fast.
