I suspect there was a hard sell when market makers heard about the EOS offering. It would make sense for investors to sell high to people wanting to "buy in" on the new ICO. Unfortunately the sell likely also triggered the trading bots to sell and generated a deeper valley than anticipated.
There is a coincidental tie to BTC that the bots interpret as a correlation creating a "panic sell". I think the sell volume in BTC was people moving BTC to ETH for the EOS ICO.
I would expect a market correction and gradual climb within the next 5 days.
Disclaimer: The above views are my personal opinion based on historic performance and views gathered from research. Past performance is not a guarantee of future value. You may lose 100% of your stake in any investment. Always do your own research and only invest within your personal risk tolerance.
Agreed! I am encouraged by the fact that every tie there is a sell-off, the recovery, well to a degree is relatively quick. I am g4reatful for it, I thnk it has prevented me from having a heart attack!...lol