I think there is now a panic where -man, it makes bitcoin prices more mudslides especially traders, most of them choose to sell their Bitcoin and wait time to buy below.
The price shed 11% in last 24 hours due to the rumors and the closer of a bitcoin exchange in china but according to the news other exchanges are working as usual in china as they say they do not receive any instructions from central bank of china. In my opinion the price will recover. Due to usual huge fluctuations in the price of bitcoin other investors also sell bitcoin thinking they can minimize their loss but in my opinion the price will recover and will go high as other exchanges are working normally in china.