China has a big market and we can not deny the effect they have on everything crypto related. Chinese are also known for being big traders of everything. they are good at it too.
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.
The name of the game as far as China is concerned is control, control and control. It has been their lifelong prospect to be the ones calling the shots in global affairs and looks like they finally got a break with cryptocurrency. Now see what they are doing with it, twice this year, they have had to puncture the flow of Bitcoin, just so they would pick them up at cheaper rates.