Now the trend on MTGox is dictated by the fact that there is only one hope to have the money back: a withdrawal of $, so fearing that MTGox is about to bankrupt their customer prefer to have even a small hope to recover a part of their capital, than the certainty to lose all.
That means that the price of BTC on MTGox is falling down virtually to 0.
The people who has their money on other exchangers not always do understand the real cause of MTGox dump, so they imagine that who trades on MTGox have some insider information and are strongly inclined to follow the trend.
Anyone care to explain to me why in the name of Lord are the "liquid" exchanges (such as presumably Stamp / BTCe) follow the Gox price trends ? Why do we need to panic buy whenever there's some random dude that buys 100 BTCs at $200 each on Gox ?! Why do we panic sell when they panic sell ?!
It's another Universe in there, that has its own rules, people !
It's another Universe in there, that has its own rules, people !
The market was just looking for an excuse to sell. Gox gave it to them. These things go in cycles.