You defined pretty much what's happening... then you ignore it.

It's actually worse than a garden variety "bubble".

Because trading and pricing is controlled by a Central Authority = GOX...
And there is no meaningful liquidity or velocity of BTC...
It's actually a *** highly manipulated bubble *** with no rules.

You actually think it's a "coincidence" that GOX and Bitcoin24...
Had a co-ordinated shut down during a selloff?

I've been a market maker for 15 years...
Your "exchanges" are deliberately creating maximum volatility...
*** All market makers make a fortune from volatility ***...
It's like taking candy from babies.