From 2013 to 2016 it was always "China bans bitcoin" and Bitcoin did the same. Now China wants to ban ICOs.
Well, Bitcoin certainly was not a scam, but most of the ICOs certainly are. This is hard to judge and it is hard to know if this will be genuine and enforceable ban or not.
But it is true that Bitcoin grew a bit steeply during whole 2017, so the peak needed to be corrected by random news.
It is interesting that Bitcoin dropped much less than ETH (totally expected, I would expect even further decline of ETH here in BTC prices), but also almost all alts declined more than Bitcoin (which is something I did not expect - definitely good time to buy).
If you talk to God, you are praying; If God talks to you, you have schizophrenia.