I think because China's Internet Finance Association has issued a warning to its members on ICO . So with this bad news , price should be go down .
Not related to this. Even if it happens, I don't think it affects bitcoin or altcoins prices. Price falling was just a correction after bitcoin price rise and now it's over.
so may you look down upon the Chinese goverment and the effect of Chinese market, one website with government background published a news that ICO suspected illegal fund-raising, it made great influence on the market, many ico projects were stopped and there even been a saying that new coins will not allowed to list on the exchange, so both the exchange, ico team and normal user were very careful now, they converted the cryptocurrency to the fiat ro reduce the risk, then the market dumped
i think you get the point, China has the most minners and trading volume, also the government is so powerful that it only need show its attitude towards the cryptocurrency, then the market will do reaction, especially an important meeting will hold in Octomber