Due to the fact that the selloff started from Chinese related OKEX and Bitfinex and the timing coincide with a certain news coming out on Sina, I think it's that Reuter FUD from PBoC Vice Governor.  Those interested can read it up.  But it fits the general trend (and rumors since the end of last year) that noose is being tightened on crypto again in China.  All those OTC trade after the exchange ban, capital flight to exchanges across the border in HK, and BTC mining now screwing up electricity consumption data in China, means that Chicom is interested in doing something about it.  

I honestly would not worry so much about China or even South Korea, but rather a coordinated G20 action as hinted by Mnuchin and Bundesbank member.  The actual G20 summit is later this year, but they can always come up with some sort of joint communique thru scheduled events or workgroups.  So our fellow brethens who favors on-chain scaling need  to try harder with their "we are only trying to disrupt payment space and provide banking to the unbanked poor" meme.  The banksters and govt never bought that argument in the first place, now they are outright calling Bitcoin for what it is, i.e. the good ole numbered Swiss account, with your personal SWIFT terminal attached, before Swiss sold their soul and bank secrecy law to USG in 2009.