A vast expanse of deep red sea at https://coinmarketcap.com/ and elsewhere this morning  in response to the above news update!

A major correction in the market  from a SWOT perspective.

I do know that prices have often pulled back after a rally but am a little skeptical this round as China's investors seem to form  a significant portion of cryptocurrency players/holders and most new ICOs are based on ETH and may not hold as well as BTC.

The Chinese exchanges are selling the coins at super low prices; it's quite obvious it's a panic sell as apart from looking at  banning ICOs , the government will also be  investigating  the exchanges.

For long-term investors, better to just hold and ride out this storm.

Happy Labor Day to all of you in the US.