Bitcoin was supposedly being used as an inflationary hedge, particularly in the Euro region.

Today we got news of substantially depressed Chinese growth forecasts, which caused the S&P 500 to drop more than 2% and Gold to fall close to 10%. (John Paulson's funds lost more than $1BB today apparently, since he has $9.5BB in Gold exposure in his hedge funds [1])

Given the anti-inflationary data (I hesitate to call it deflationary at this stage) that came out today and the massive drop in Gold price, a similar fall in Bitcoin price isn't particularly surprising.

[1] http://www.bloomberg.com/news/2013-04-15/paulson-gold-bet-lo...