Chinese government has been down on crypto for years. They were one of the catalysts for the crypto-recession in December 2013.
Here is one of the first articles that I remember from the event http://www.nytimes.com/2013/12/06/business/international/china-bars-banks-from-using-bitcoin.html?mcubz=0
Ask any Bitcoiner about 2014 and they will tell you it was not fun.
But 2014 is also when Ethereum started. There are always opportunities in this space.
With the recent news, ETH price tanked as its main utility is a platform for ICOs
Ethereum's price is not just speculation. It's based on fundamentals, e.g., transaction volume and addresses added. Ex https://etherscan.io/chart/tx
I would watch the fundamentals graphs in the next two weeks before freaking out about the ETH price
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