As usual there is a massive overreaction from news coming from China. It’s possible to say that the basis of latest announcement that China is banning ICOs and exchanges is unreliable as there has been no formal statement from a government official.
The origin of the news was a Google translated article from a Chinese journalist, who apparently had spoken to some official. So the news is three layers from the original source.
Last time China banned or wanted to stop Bitcoin, they reversed the situation some months after.
Remember, China have many laws preventing capital flight, money leaving China, and we are not used to laws being verbal unsubstantiated statements, from non-government officials.
Are some people having an agenda to pump Bitcoin and spook the market? This news may actually be doing everyone a favour, as it is likely to be the last time you can buy Bitcoin at these levels. We have just had it gifted to us, a 30 percent return as BTC will dipped below $4000 and then returned to business as usual.