Before crying wolf, understand that bitcoin exchanges are unfortunately not battle hardened internet businesses. Two of the largest exchanges MtGox and bitstamp are both under DDOS. This may be an attempt by someone to make a large buy at a cheaper price. Due to lack of trading, prices are going downward.
However, BTC China is still trading at above $275! That's the beauty of bitcoin, it isn't restricted to just one region in the world.
Yes, the exchanges need to toughen up and it's sad that someone can manipulate prices so easily but bitcoin is still very geek centric and as long as geeks understand and hold their BTCs this can't succeed. Of course, now that regular people are jumping on the bandwagon it'll be interesting to see how events unfold..
However, BTC China is still trading at above $275! That's the beauty of bitcoin, it isn't restricted to just one region in the world.
Yes, the exchanges need to toughen up and it's sad that someone can manipulate prices so easily but bitcoin is still very geek centric and as long as geeks understand and hold their BTCs this can't succeed. Of course, now that regular people are jumping on the bandwagon it'll be interesting to see how events unfold..