There was supposed to be a mind blowing announcement at noon, About a minute before noon when the announcement was supposed to take place, the price rocketed down as if everyone sold at once. By the time it was first posted in a place most people were not looking to see it, the price had dropped below 10000 Satoshi. Before most people could even find the news it continued dropping. It bottomed out at about 7000 after starting around 15000 Satoshi. Then started bouncing up and down.
The news was actually really good news, but not necessarily mind blowing. Still it was really good news on a number of things.
Seemingly a big whale somewhere might've taken advantage of the situation and planned to sell just prior to the news to take out all the stops and then re-buy at a lower price. There is no other explanation how the coin could crash at least 8 minutes before the news.
The other question is why did they release the news late? Earlier by a few minutes would have been better. Also, why didn't management say where the news would be released? So right now the coin is priced low and people are getting fire sale prices. I think with the good news that the price will go up soon. I wouldn't be surprised if there is an unexpected announcement tomorrow with more good news offered up from management. EMC2 still is the same coin but with even more potential with the good news. I like that they will make the coin available with ATM's.
For the complete official announcement: https://www.emc2.foundation/news/2017/12/19/einsteinium-fork-2-announcement-algorithm-change