The catalyst for the recent selloff was clear, China appears to be shutting down all bitcoin exchanges by Sept 30th.
While this clearly spooked the market and awoke all the bears, in percentage terms this is a completely normal selloff. I see nothing different this time.
The attached charts were prepared by Charlie Billelo and @cnLedger. In the interest of time and getting this post out for others to see, I have not updated the charts for the lows in the recent selloff. The important point is the magnitude of the selloff compared to other draw-downs. Particularly interesting is the magnitude of the selloff compared to other draw-downs driven by the same news (regulatory announcements out of China) as @cnLedger points out.
Major Corrections:
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PBOC Driven Corrections:
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