It is not panic selling. Some people bought cheep and they wanted to collect their profit
It could be a mix of several reasons.And these two may be the most important ones.A few guys wanted to take some fiat profits while some others got scared by some exaggerated news.
We've seen this several times now.
The good thing is we seem to be able to hold the 700 range.Probably we build some solid bottom here before continuingmoving up again.Nothing wrong about that.