Well,there was FUD since late December 2013 amongst the Public Bank Of China and other market regulators here is quick link of superficial chronology of events that happens before the crackdown
https://www.google.co.in/amp/m.scmp.com/news/china/economy/article/2132119/beijing-bans-bitcoin-when-did-it-all-go-wrong-cryptocurrencies%3famp=1
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