Price Drop 6/2/13!?!

[BitCoinNewGuy]

What was the catalyst for the recent drop in price, about $8 in 12 hours? 

[Birdy]

Someone selling 20k+ coins at once, we don't know why.
Maybe he couldn't buy the villa with Bitcoins yet.

[ben62884]

nice!

[BitCoinNewGuy]

Someone selling 20k+ coins at once, we don't know why.
Maybe he couldn't buy the villa with Bitcoins yet.

Wow, that is millions of dollars. Wonder who would be the medium for exchange for such a large transaction!

If this is the reason, I see it being only a temporary drop in price?

I do think that it might cause some slight panic selling however! I would bet on the price dropping even more now...  

[bitbybit2]

Someone selling 20k+ coins at once, we don't know why.
Maybe he couldn't buy the villa with Bitcoins yet.

This is a recurring problem. They thought that they trading in the derìvatives market. Hence the flinch.

[alibaba teapot]

There was a $1 million dollar wall on MtGox and somebody sold into it. It drove the volume's crazy but initially had no effect in price, but afterwards panicked speculators drove the price down to $120, its now fluctuating between $120 and $130

[BitCoinNewGuy]

but afterwards panicked speculators drove the price down to $120

I just realized...BitCoin has no "stop limits" to prevent panic selling.... The price could seriously crash HARD to NOTHING in a matter of days...maybe even hours... Unlikely, but not like it hasn't happened before!

[alibaba teapot]

I just realized...BitCoin has no "stop limits" to prevent panic selling.... The price could seriously crash HARD to NOTHING in a matter of days...maybe even hours... Unlikely, but not like it hasn't happened before!

Hours? It has crashed in minutes in the past.

[BitCoinNewGuy]

Hours? It has crashed in minutes in the past.

 

[AsicBite]

more ASICs will soon be available to brother public , Butterfly labs who are "testing" their devices are gathering huge amount of coins ,devices from AsicMiner are already shipping USB and 5GH ones , by the time most of us get hold of ASICs price will drop, big guys will eventually need to sell accumulated coins during "test" phase to fund new chips  and this just started to happen IMHO, but I wish they are smart enough to sell at smaller batches of BTC not like this but surely price will drop !

[BitCoinNewGuy]

Down another $2, let the panic selling begin! Shit!

[docius]

That is a lot of Bitcoin... wow, how would you feel pressing 'send' on that transaction.

[AsicBite]

This could mean nothing , but ASICMINER hash rate drop significantly today http://www.asicminercharts.com/ are they plugging off their ASICs and shipping them massively

http://www.asicminercharts.com/

we should watch this chart

[ruletheworld]

Should be interesting to watch. Perhaps a good time to buy now, if the large block has cleared already?

[bluedot423]

BTC fluctuates man, it is a good buying point now.

[elefter]

Down another $2, let the panic selling begin! Shit!

Panic sell.. Or as we call it in the bitcoin community "just another Monday"

[Birdy]

Down another $2, let the panic selling begin! Shit!

Panic sell.. Or as we call it in the bitcoin community "just another Monday"

We got our action back
I would prefer it to be going in the other direction though ^^

[megvon]

Someone selling 20k+ coins at once, we don't know why.
Maybe he couldn't buy the villa with Bitcoins yet.

How do you know that a 20,000 coin sell would caused the price drop of $8?

[elefter]

if it falls more im buying...

[Birdy]

Someone selling 20k+ coins at once, we don't know why.
Maybe he couldn't buy the villa with Bitcoins yet.

How do you know that a 20,000 coin sell would caused the price drop of $8?

The charts show a straight line down, if it goes down in one go it was one big selloff.
Seems like there are still several smaller sell-offs going right now, if you watch them at http://bitcoinity.org/markets/mtgox/USD you can tell that those are most likely single-selloffs.