Jesus, people. You should stay out of financial markets if you're not going to take the time to familiarize yourself with their mechanics.

This is what markets do. Markets do not go up (or down) in a straight line. This is a correction, and a necessary one. But it could go a lot lower, and you still shouldn't panic. Look at the "all data" chart on bitcoincharts.com in log scale (ALWAYS use log scale). This latest drop is barely a blip on the long-term trend, which is still VERY strongly positive.

I've been buying Bitcoins all the way up past $30 with the expectation that a correction as low as $8 was likely. Who cares? It could hit $2 without breaking its long-term uptrend, or it could go from here to $100. If you believe in the fundamentals, and you're not trying to do short-term trading, keep buying. Hell, even a test of the $1 level might be a healthy thing for the market. Corrections flush out the weak buyers, make some money for the shorts, and set the stage for the rally to go on.

But while we're on the subject, Bitcoin is a terrible market for short-term trading. Low-volume markets are nasty, and you're likely to lose your shirt. Slow down, remember that you're in the market before even the institutional investors, and rest assured that if the concept is sound you're going make a killing in the long run (which probably won't even be that long).

Buy and hold, averaging in through the peaks and valleys. That is how you make your money when you're in this early, not quick trades. Bitcoin is a long-term growth play, and a hell of a promising one at that. Any talk of a bubble is nonsense when 99% of the population either hasn't heard of it or thinks it's a joke.