Earlier this morning, about 4 million was dumped within 30 minutes, right? According to Bitcoinity, it would only take a 12.5 million dump on gox to slide all the way down to $20. Am I reading this chart correct?
I realize 12.5 mil is not likely to be dumped all at once. But still... $20 doesn't seem that far away.
Almost 1% of the total bitcoins that exist.
I think a proportionaly large sell offer of any other currency would have the same effect to that currency.