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.
I agree with you that if one industrialized / developed country have fallen the ICO everything will in account will also fall. But it does not mean that bitcoin is fail and will be stable as falling down in a London Bridge, I know maybe time will only tell when will bitcoin will rise and gets stable and up again.
it will continue to bounce back as what we are seeing right now but still its the traders and investors that will make an create the new ath, everything will
be move accordingly traders will keep assessing and investing and for sure will hold which ever coins they have inside their wallet.