China's population is only about a sixth of the world's and yet it accounts for about a quarter of all ICO funds raised. That speaks volumes for how much crypto muscle it already wields. Once can only speculate how much it will continue to grow over the next few years. China's official stance has changed in the past so this decision shouldn't be seen as an end all.
Take heart. When China's central bank banned Bitcoin transactions in 2013, not long after passing $1,000... value dropped more than 20% and continued dropping til it lost more than half value in the weeks that followed. The recovery, you all know.
Yes, consider how much people in China and billion of dollars trading volume or invested on ICOs, but but had to stop all initial coin offerings which affects global market as well. Most coins prices are declining, especially for ethereum which being used as the major coin for most ICO.
I'm still waiting until coins prices fall to the bottom and buy some cheaper coins, as we know the price will be recover again, no need to worry about it but we should be patient.
