Definitely looks like Bitcoin (BTC) in a short term bear market, I put a quick chart up about it on TradingView earlier https://www.tradingview.com/v/ROYGrXy6/
Heavy drops on MT.Gox and BTC-E now down to $301 and $269 respectively (through the $310/315 resistance we saw). As the USA wakes up I think we’ll see more selling on the back of Asia and Europe today, then further selling tomorrow when everyone else wakes up in their respective timeframes to take a look at what is happening with BTC.
Expecting resistance around $200 with lows of $140 before a steady consolidation around $250/260.
All this is good news for Peercoin though, already back up to 0.0018 from 0.0016 (times with the all time high of BTC yesterday at noon GMT) so should break out of the 0.0018-0.0019 BTC/PPC range and hopefully get back to 0.004 BTC/PPC as Bitcoin falls. Also means that Litecoin will likely see some heavy falls.
With luck we can see Peercoin (PPC) breakout of 0.004 BTC/PPC with the next lot of Bitcoin consolidation and stabilise in a 0.004 - 0.006 BTC/PPC range. We might also see some further rises in PPC/USD now there will be more investor interest as some of the Bitcoin fever dies down again.