Can anyone explain to me why GOX is crashing right now?
If I had any fiat sitting on that exchange I'd be buying as much coin as I could with it and moving it to another exchange ASAP. So why isn't the price skyrocketing?
You can't move coins to another exchange. Everything is locked down atm.
But in case you haven't been paying attention (which it looks like you haven't), that's exactly what people were doing in the last month or so before gox officially announced everything was on hold. Which is why we saw the spread between gox and the other exchanges grow so much in the last few weeks as people tried desperately to move all their fiat into BTC (and their BTC out of gox).