Once again it seem the so called powers that be are working to regulate and centralize crypto. How can you attempt to limit the limitless? Well, the chinese gov't is not so much banning crypto, it's more like, Chinese citizens won't be allowed to use exchanges to purchase crypto currencies. The big question is, will crypto still have value in China if they can't trade ?
Bit is down 7.7 percent, Ethereum is down 11 percent, Bitcoin cash is down 11.2 percent. On Chinese exchanges those numbers are more drastic Bitcoin is down 13.4 percent and Ethereum is down 18.4 percent.
The reason for the crack-down comes from the wake of recent ICO scams. There is currently an ICO freeze and the top 60 ICO companies are under investigation.
It seems that the Chinese gov't is looking for more control and will be attempting to centralize an exchange to regulate those markets as much as possible.
I wouldn't pay too much attention to the fear mongers crypto has become a juggernaut and it is the wave of the future, regulators will have to realize not all things can be limited.