OK, here is what I am thinking and this is IMHO as to all this selling of the Gang Of Three.
I believe that the underlying issue is not the news about China, although it helped fuel the selloff, I believe it is the upcoming ETH Hard Fork.
Just like the Hard Fork in BTC that caused a major selloff of the Gang Of Three, I believe we are seeing that same fear and uncertainly with ETH’s Hard Fork. I am thinking that the big traders are getting out and are going to wait for the outcome or get their insider information from the developers before the rush back into the markets.
Again, I think the China news is just fuel on the fire!