The only thing that makes me somewhat question a strong downward movement is that Tether printed another 300 million units yesterday, which doesn't happen for nothing. They'll either be used to short the crap out of Bitcoin, or buy up whatever sellers will be dumping in their buy orders. In less than a month 800 million units were created, that's some crazy shit.
I wonder what'll happen now that the NY AG just sued Bitfinex and Tether, alleging fraud. New York is fairly impotent compared to the federal government so this isn't a BTC-e situation.....yet. But it's obviously giving the market some jitters.
It looks like we're seeing a significant premium develop between Bitfinex and the rest of the market now as customers flee the exchange. $5,416 vs. $5,183 as of this moment. I always wonder how this kind of situation will pan out, since a fear-based exodus from Bitfinex/Tether fiat can drive the crypto markets
up rather than down.