I think that yesterday was a panic selling by some people because the china government has tried (or did) affected the bitcoin by tried to control it, but the price again went a little up.
I do not think that yesterday's events and fluctuations in the price of Bitcoin is just a panic. Surely there are some hidden reasons
The reason behing the panic is that there are rumors that the chinese government will implement some strict rules against bitcoin and they would start taxing them heavily in order to reduce the amount of money flowing out of the country and this news had a big impact in the price
It's just a rumor and I doubt it is true - at least not to the extent market participants expect. While it is plausible that China wants to prevent capital flight it remains to be seen if the government will be successful in curbing Bitcoin use. I don't think so.
For me the timing of the news release (right after a major price increase) is highly suspicious and is not without precedence. It smells like market manipulation. One should check the amount of traded shorting contracts...
Without question it's a huge evidence of incapacity of journalists, who spread "news" without verifying its truth - not even knowing its original source.
ya.ya.yo!
Thanks for you insights ya.ya.yo... I like your theory and that convince me not to panic.. I will just hold my bitcoins now, and maybe buy more if the price fall back will continue. For sure if that is a real manipulation, the price will be back up again.