The news has become more and more clear that China will not tolerate exchanges.
This is alarming to the bitcoin community because we have long awaited for official government push back. Really it was just a matter of time.
It would have been better to have a smaller country that is less involved than China push back initially.
This is bullish longterm. We always needed regulation and integration with traditional systems. If you are a hodler you will benefit longterm. This could become a multi-trillion dollar industry.