but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.
Curious why you think it's exaggerated? Data from incoming ICO traffic and funnel participation have them as a top participant in most of the sales I've heard of. Will be interesting to see if these trades drop off with the announcement.