The crash/correction was trigger by some gradual downward selling that caused severe lag that in turn caused panic/lag selling. By the time we'd fallen from 266 to 220, there was like 40 minutes of lag and two or so hours had passed since the downward pressure began. While watching live I saw thousands upon thousands of sell orders go through. It wasn't a single 69k order from above 200 that sent us down, it would have taken us down instantly, not gradually over three hours as you can see in the chart below.
There is no 69k single order of coins sold on this chart:
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2013-04-10zeg2013-04-11ztgSzm1g10zm2g25zv
There is no 69k single order of coins sold on this chart:
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2013-04-10zeg2013-04-11ztgSzm1g10zm2g25zv
I saw that dump, and I can guarantee I was not the only one
Many had my eyes on the chart at that particular time and i can also guarantee you there was no single dump. Furthermore its not even possible to confirm that its only from one person/account from charts! Simply, the lag caused all sell orders to get executed "in bundle"
I know the dump that Rampion is talking about. I did not see it when it happened, but on the Clarkmoody charts later. It was about 7:00 pm pacific time on the 11th, way after the start of the crash. The really weird thing is that when I was looking at it originally, I saw volume of 65k but I checked it again later on, and it no longer showed 65k, I don't know what happened there. On the 15 minute scale on Clarkmoody, it shows a volume of 21k and it took the price from $118 to $65. It was an extremely significant sell, but was in no way the cause of the crash. It came after Gox was shut down and reopened. Did it contribute to how far down we went? Of course, so does every sell, but there was no additional panic caused. I would even say that the reason for so much slippage was because people had already pulled their bids because of the crash that was already in place.
