30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard
I'm not sure if you're trolling or just confused but I'll give you the benefit of the doubt and assume the latter.
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Even if there was a distinct connection between the auction and the recent dip, it could hardly be called "crashing hard".
From the peak of 615 almost a week and a half ago to the absolute bottom of 555 yesterday, the dip represented less than 9%.
The little dip on the day of the Silk Road bust represented more than 15% and all that led to was dispelling the importance of the bust, reinforcing the strength of Bitcoin and spurring the autumn rally.
When the price dipped by 50% last November, it was just a bump in the road to a new ATH three times as high as the bottom of that November dip.
"Crashing hard" is what it did in June 2011 when it went from 32 down to 2, a drop of over 93%, or in April 2013 when it went from 266 down to 50, a drop of over 81%.
9% is peanuts in the world of Bitcoin where increases are measured in 1000s of %.
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If anything, this little dip should serve to dispel the importance of government auctions and lead to a much smaller market reaction to a much larger auction.
I hope that helped clarify things for you. You'd be wise to pay more attention to experienced Bitcoin people and less to noob trolls and johnny-come-lately daytraders.
Ok thanks for that.
I guess I used the wrong term. I meant that it seemed that the auction was a key factor that contributed to the market going down from what looked like $670 to $550. It might still go lower we will only know after the auction.
1) this one hasnt finished playing out yet.
2) a future auction with 5 times the amount of this one might have a completely different effect on the market.
3) other factors eg. who the bidders are etc.