There's an incredible surge in volume on BTC-e at the moment: http://bitcoinity.org/markets/btce/USD! It seems to be caused by some bot gone awry, as some incoherent buying and selling is happening. Someone may be losing big time on fees currently. What do you think is going on?
Could be:
1) Multiple bots fighting each other on trend.
2) Multiple bots "painting" the tape to create the illusion of resistance.
3) hoards of russian buyers and sellers not knowing what to do if they are blocked from SWIFT banking transfers
