You heard it. You hate it. Especially if you just bought some Bitcoin at $4800 two weeks ago. China banned ICO's; in fact, they ordered funds for pending ICO's returned to investors. Since then, Bitcoin has had a pullback from a high of $5000 to a recent low of $4000. That is 20% in a matter of days. The recent exchange closure rumors don't help either.
If you believe in the technology, and the solution Bitcoin offers, here's the good news:
Most ICO's piggyback on the Ethereum chain. You can read about the process here:
http://espeo.eu/blog/how-start-an-ethereum-ico/
In simplest terms, the new coins do not have their own blockchain, they use Ethereum. Now that they are banned in the largest global market, China, the Chinese need to find somewhere to invest their money. The people in China still actually have money, their government didn't take it all!
Their 2 top choices are Bitcoin and Ethereum. Guess what? Ethereum is going to struggle over the next 3 months because the ICO ban is going to reduce the usage of Ethereum, and the Etherchain.
That leaves Bitcoin. Of course, the Chinese government could outright ban all Crypto's, but considering they are the largest miners of Bitcoin, due to low electricity costs, that is unlikely.
Watch where all the market cap flows over the next 3 months here:
Good Luck.