Major Cryptocurrencies turned bearish amidst chinese ICO regulation.

Just after the announcement by chinese media reporting that people bank of china will be making a move in regulating most of the scheduled ICO with the view of them violating the fundraising laws.

This news has triggered great panic among lot of crypto investor and traders as most people are selling off their coin. Resulting most of the major cryptocoin to keep going dip

Bitcoin after reaching the all time high of 5000$ has witnessed a potential pull back. Going down to 4,320,3200 as of writing.

Same with etheruem which has gone down about 12.94℅ within 24hours

What do you think, can this move by china create any drawback within the crypto space. Since decentralization is the sole aim of Cryptocurrencies.
Drop your comments below