Could it have been all related?
Well, nearly everything that goes parabolic has to stop. If it had stopped at $80 it would have crashed after that rise too. It just went way, way much further than most anyone would have imagined.
There are a ton of people who have an opinion one way or another.
More than 1.2 million BTC have traded since we saw $266, an incredibly huge quantity.
But one thing nobody is discussing is the impact of the discontinuance of the redeemable codes at Mt. Gox.
A lot of over-the-counter trading used these. A lot of exchange arbitrage occurring used these as well.
That may have contributed to the rise in the exchange rate prior to April 10th. Those who had USDs and used redeemable codes for withdrawals needed to move the funds out before April 10th and traded at some point. Every trade has a counterparty so suddenly there was a lot of MTG USDs received by traders that had exchanged cash for them. It is possible they were the ones buying bitcoins using these newly acquired funds.
So that might explain the buying that was occurring even though the parabolic rise was glaringly obvious. Simply when that activity stopped (when issuance of new redeemable codes stopped) then the absence of new buying simply let gravity bring down the exchange rate, and that happened swiftly.
