We recently witnessed the massive dump in the market due to China banning ICOs in the country. That's is the reason why must people got panic and started dumping their coins. 
It was a correction that was due for quite some time, which has nothing to do with China cleaning out its ICO market. People just don't know what to say or think anymore, and thus start mimicking the language of certain news sites that are desperately looking for attention -- try to think for yourself. As we speak, the market has bounced back after traders cashing out profits -- it just shows that there are a lot people looking to benefit from this correction by entering the market. If this means that we have seen the worst of this correction, we're likely due for a push over the $5000 on every western exchange, and not just Asian exchanges.
