welllll let's see ... the latest 5% drop in a half hour ... it could be from some of the 3600 coins mined today , or the day before , or the day before that , which the market is now unable to absorb without borrowed money and fractional reserve (fraudulent) purchasing by the exchanges themselves since not enough new cash is coming in at this point , it could be the 7000 + coins that bter stole a couple days ago have begun being sold , could be a tiny tiny handful sold of the millions of coins possessed by super whales which would instantly crash the price to the single digits if they actually tried to cash them all out at once , could be the thousands of coins from mintpal moolah theft finally being fenced , could be that there were still a few thousand coins from the bitstamp hack theft that got dumped , could be the thousands of coins dumped from the whatever it was called mining ponzi in hongkong , or it could be that karpeles just dumped out another couple thousand coins from the 650,000 he stole from everyone with mtgox , or it could be that a few people who used to be millionaires but made the mistake of getting involved in bitcoin in the last year and a half finally decided that half a million dollars is better than even less , or any other of dozens of fucked up reasons ... take your pick ... this is a market sitting on the head of a pin ... 3 billion valuation with likely less than 3 million on the books of the combined markets ... the game of musical chairs could literally be brought to a sudden and catastrophic end at any point by 1 large enough holder ...
It's just price manipulation. Works both up and down. Traders going to trade.
Do you think a miner (seeking best price for his coins and electricity costs) just dumps 5000 coins onto the open market? Ha.
Price was manipulated to get to 240 in the first place, the was no reason to justify increase, and there sure wasnt any reason anyone would want the price to remain there (noone would tank constantly with fiat to leave it there i mean).
Bitcoin price should be ~150-200$ and even that it a bit over the reality,atleast for now, im not getting into what will happen in 20 years again..
cheers
