News about the insolvency crunch of investment bank Bear Stearns and mortgage giant Fannie Mae triggered panic sale.

贝尔斯登投资银行和抵押贷款巨头房利美破产危机的消息引发恐慌性抛售。

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"As expected in such situation people started to panic, started to sell Bitcoin in mass (panic sale) resulting in an increase of trade that ultimately froze the trade engine, " it said.

BBC: Minted bitcoins

After Tumblr's base of young users found out about the sale, they went into a near state of panic.

CNN: Yahoo wants Tumblr's teens