The Chinese government banned ICOs. Naturally as a result, alt coins started dropping. People are fearful they won't be able to get their money out with the government cracking down.
For the next couple of days I think it will blow over and go back up, but only time will tell.
there is no valid reason that because of the banning the sudden drop happens. Chinese already did it a few months ago and still the crypto remains to sore high and higher than before.
yes maybe that news is one of many reason altcoin was fallen and it just makes people panic selling although I am sure that there is another reason that makes altcoin price decrease like now. but if its because of the ico scamming people, I think not all ico is bad because I am sure that there is many ico which will give benefits for investors.