The market's have been way over bought lately. Despite the incredible runs lately, safe it to say that a pullback was inevitable. In such situations, all it takes is one event to trigger a FUD selloff. What we've witnessed the last two days has been a normal market selloff get accentuated because the GOS (greed, optimism, speculation) has been settling and the FUD has been growing. The level of affect that events we've been seeing has had a much larger impact on the markets than it would have a month ago, or even at the beginning of the year.
In 2013, the FUD of the Mt GOX fiasco led to a long inevitable selloff from a massively overbought market. This decline took the hype and even the "bitcoin" name out of news and investment sites. Slowly there was recovery as more places started to utilize bitcoin.
I see these situations in China with ICO's and the investigations of exchange manipulation being one of the catalysts to drive the pullback in the current market scenario. This will only be the start I feel and there will start to be more news announcements that will get compiled into this negative scenario which further propels the "FUD" and panic sells.
Without actual utilization of cryptos, the hype will be driven off by negativity surrounding the marketplace. Just as in 2013, a FUD selloff will not be quick, as bulls will try to bounce up the price at each level of support but fail to make higher highs. Good news is going to start needing to heavily outweigh any of the barrage of negative associations in order to counteract their effects.
If cryptos can rebound and find hope and positive announcements, they can still recover and make way for a new ATH. However, as mentioned above, that is going to need to be a massively big announcement to counter a pullback from negative news combined with a way overbought market that's been in the vertical stage of a parabolic movement.