Well it's really only China. ICOs are still legal basically anywhere else in the world.

But yeah, this move from the Chinese government has significantly undermined the current pump. Price was almost at $5000 before the correction came that brought it down to around $4700, and when the news came out again the price went down to sub-$4000 territory.

Though price seems to be rebounding back and i think that this is going to be the start of another bull wave - albeit the new regulations. Even though this brought crypto investors nothing but bad news, it actually helped bitcoin get out of a pretty big bubble that was just waiting to be popped.