It isn't panic selling. It's calculated manipulation. For almost exactly one hour,
somebody was buying coins at 260 on mtgox and selling for 630 at coinbase...
As far as I'm concerned, it's clear evidence of withdrawal from gox, by
somebody
http://www.reddit.com/r/BitcoinMarkets/comments/1yey4m/deleted_from_bitcoin_subreddit_for_the_past_hour/
you posted your IP address in that script. You should remove it