As I understand it, when China banned crypto transactions - "Beijing on Tuesday banned financial institutions and payment companies from providing services rela

As I understand it, when China banned crypto transactions - "Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions."(1) and suggested not to use crypto "The slump for bitcoin comes after the People’s Bank of China was seen warning against using digital coins as payment."(2), people started to dump certain currencies and take their profits...perhaps to put in to other things. This resulted in drops that triggered floor price alerts and bigger players dumped, which cascaded around to the various currencies. 1) https://www.bbc.com/news/business-57169726 https://www.bbc.com/news/business-57169726 2) https://www.marketwatch.com/story/bitcoins-40-crash-does-feel-like-capitulation-says-crypto-specialist-but-heres-where-the-next-crucial-support-level-stands-11621429393 https://www.marketwatch.com/story/bitcoins-40-crash-does-fee...