This might be the reason. Just CMC stuff...
Few hours ago Coin Market Cap removed Korean exchanges from their coin price calculations and being that all coins are about 30% pricier over there, it instantly tanked the price on CMC graphs. From what I see this is happening now :
- CMC removed Korean exchanges
- Prices/graphs instantly tanked (but in practice not relevant to people outside Korea who dont trade there anyhow)
- Large number of people did not recognize what actually happened and that there were not moves/selling on their western exchanges
- Those same people are now dumping large amount of coins trying to "cut loses" because of the false impression that coin is crashing.
- Random stuff happening
If people run their trade bots with CMC data, this might cause a massive panic sell by the bots in all currencies...
This is exactly what caused todays sell off, CMC removed the Korean exchanges .. Nothing to be alarmed with continue to hold. We knew this was likely to happen a couple months ago when the Korean's announced a crackdown on bitcoin. It will rebound to an all time high.