The price drop started DAYS before china did anything. .. china has no big influence .. why is it? right, because market is full of noobs, that's why, that's why the general normal xmax exchange dropped the price and thats why many people are panic selling now :-)

You can just consider this as some sort of correction .. each correction is HEAVY because BTC has no actual value. The actual value of BTC is the value it has BEFORE the bubble. The real value of BTC is directly connect to usage of it - and that was more or less stable before the bubble - used in "dark places" as a good currency to exchange illegal goods. Doesn't sound good? Sorry, but that's what it is. And THOSE markets will find another currency which will work better than BTC does NOW - because BTC - with this volatility - is pretty useless for everyone and will keep everyone from using it in terms of payment or good exchange.

But true - you can still buy ASICS with BTC .. and all those funny things directly related to BTC and gold mining fever .. but in the end, that does mean nothing and is just a bubble. Ride the bubble when it is time too and accept reality when bubble is gone.

PS: Doesn't mean, that BTC will drop to zero. Just means, accept that it will drop massivily. I expect that it will lose grip to the state it has 1-2 yrs before. This bubble drop will just eliminate many of the noob players which are responsible for the fast price rise (indirectly)