You are dead right. The Chinese decision is not the initial catalyst for this selloff. When the US made the similar decision there was little more than a blip on the chart. This is just selling follow through from the technical interim top made at $5K.
I've also been frustrated to see so many poor ICOs coming out. I remember looking at the Binance whitepaper and it just looked like another Poloniex so I publically panned it. To me it was nothing new or innovative, just a Chinese version of something already done. Then I had to watch the thing skyrocket with egg on my face.
It is down 45% today (78% from it's peak on Aug 23) according to CMC. I feel a little vindicated but also sorry for the poor sods who bought at the top.