Crypto Crash: Bitcoin Sliding; Beginning of the End or a Test for Hodlers?

Bitcoin is crashing and taking the crypto market with it. Is this the beginning of the end as many critics called it, or another test for hodlers?
Bitcoin is down, the whole market looks red at the moment, there are talks of a possible crypto trading ban in South Korea and China isn’t making things any easier with reports of a possible crackdown on all trading activity barring OTC and P2P exchanges.

Bitcoin’s price went under $12,000 today, matching December 5, 2017 levels, and the overall market cap for cryptocurrencies lost over $100 billion. If Bitcoin continues to slide and drop further, we may even find the next support around $8,000, so the picture isn’t very pretty right now.
Why is Bitcoin, and the market crashing?
Developments in South Korea and China have always had a huge impact on Bitcoin prices since these are two of the biggest cryptocurrency markets with Korean exchanges leading global trading volumes.

Since Bitcoin markets are the biggest, with all other currencies paired with BTC, a price drop for Bitcoin almost invariably results in an overall market decline.