I'm confused by your explanation for why the price dropped so rapidly, when you buy or sell such a large volume in a market, it's not all sold at the same price....that is, there is some type of smoothing. While I understand that there is probably some type of collusion I don't think you explained it very well.
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The price drop is due to new Chinese regulation regarding ICOs and Cryptocurrencies (see this post).
This is also correct but not the entire aspect
That's right, there are many factors that went into the drop. One of them was a huge sell-off that occurred when Bitcoin neared $5000. Another was the Chinese ICO announcement, which mainly affected altcoins but also pushed the Bitcoin decline.
When big market movers sell off large holdings the price will drop they can afford to sell through the ask price because they are already up from under that amount. Then when the little people jump on the train and start to sell they buy back in at double the initial sell amount for a lot less.
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