MtGOX BTC price is now below 300 USD.

Prior to their current problems, I could understand the price premium given the fact that withdrawing money from them is hard. BTC sellers were asking for more given the risk they were taking.

What is the rational behind the tanking BTC price? Panic? can people withdraw money from them?

If MtGox is the BTC buyer behind their volume, induced panic looks like a great way to make a quick buck on the back of their terrorized users selling theirs at a ridiculous price compared to other exchanges.