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Perhaps this article helps you in understanding Chinese authority's cracked down on the investors & ICOS
https://www.google.co.in/amp/s/m.economictimes.com/markets/stocks/news/china-looks-to-stamp-out-cryptocurrency-trading/amp_articleshow/62789716.cms

Thanks @iamanwaar. I'm not sure the connection of the current slide since the Chinese have been at it for about a year.

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