I'm still really curious about the lack of orders on both the buy and sell side.
Price discovery, right? No-one knows what the "true" price of a bitcoin is, and now people are especially unsure of it. In a rally, people wonder if maybe it's higher than they thought previously and so buy. In a crash, they wonder if maybe the folks selling know something about the "true" price and sell. Once the swings cease, we're left with a mexican standoff, with few willing to risk a strong position either way.
This is why we'll continue to see huge volatility for a long time to come, yet. Speculators amplify price movements, and with a low market cap still, their effect is quite pronounced.