This has happened so many times exactly the same MO. PBOC says " we ban bitcoin" weak hands sell, they buy up cheap coins. Then they say " jk we no ban Bitcoin!" And then the price goes back up.
A hard crash like this doesn't seems like something that the market would recover from in a week or two. People should be prepared and wait for a better entry point.
Caixin is a legitimate news site. People should seriously consider the possibility that this might not be fake news. The market might go down much further. Remember not to bite more than you can chew.
Bitcoin can't be killed. But in the short term there are huge waves that could swallow you whole. Take care guys.