Don't judge on one day. Wait for a week, 10 days before making conclusions on the price of Bitcoin. Bitcoin has shown to be pretty resilient to news that were considered bad by the media. We'll see.
My conclusion is that it's pretty fucked up [1].
Nov 15 $US430
Nov 22 US$843
Nov 29 US$1137
Dec 6 US$552
Dec 13 US$869
Dec 18 US$584
Pick one of those dates before today and imagine saying "wait for a week ... before making conclusions on the price of Bitcoin".
> because Bitcoin can have as much as 30% variation in a given day
Hence, "pretty fucked up".
As parent said, with Bitcoin you have to look at things in a different way since it works in a very different way than anything else we've ever seen.
No major currency suffers from 30% intra-day volatility against other currencies. It would make pricing goods and services essentially impossible. Who would care about saving up to 5% on credit card fees if they're suffering 30% arbitrage losses because they set/update their prices at the wrong time of day?