Eventually, we're going to single digits again.
Ahh... I wish we did. I could buy the entire mining supply of bitcoin with the proceeds of my daily arbitrage operations.
Proudhon did not want to hear this lol...
There are some big players coming into the market. Most of them are doing cash for btc off exchange purchases.
And when they can't unload an investment off of the exchanges when the exchange rate is plummeting because nobody wants to buy volume off exchange in that context, guess where their bitcoins end up going...
Oanda et al will move in now problem solved
Still holding at 67$ on BTCe.
And this is still not a "crash" due to the currency but the failure of the exchange
And exchanges are a necessary part of pricing a new currency, and make up a part of its necessary infrastructure, and because of the nature of bitcoin parts of its necessary infrastructure, like exchanges, cannot be regulated like traditional mature markets in such a way to prevent the kind of crippling volatility we've seen with bitcoin.
It very well may be the case that what the bitcoin experiment ultimately proves is that as imperfect and problematic typical financial markets are, with all their government regulation, they're better, safer, and more stable than other alternatives thought up, like bitcoin.