China is a huge market of cryptocurrencies. Their banning of Bitcoin exchanges will definitely have a negative impact on the market. Market might experience a relatively large dump. But market as always will ultimately recover and will come back on track.
Indeed. If you see the immediate effects are visible. The bitcoin price has tumbled below $4000 and may continue same path for few more dollars. Best part is bitcoin will rise higher and grow stronger in its recovery. We have seen bitcoin doing that again and again. Every fall in price is followed new and higher peak price.
Thus in way this is great time to buy bitcoin and earn profit when bitcoin goes in bull-run phase.