Ok, China has made the mess in the market but I still think this is on short term period. With time bitcoin has become more resilient on such influence and not such a big harm will be done. But bitcoin can exist even without China, no matter how bg player they are, because bitcoin is not limited with boundaries or exclusively tied to one state.
Yes this is short term drop in bitcoin price and reason behind this is rumors in media. Chine did not banned bitcoin and in my opinion she is on its way to regulate the cryptocurrency. But suppose it ban bitcoin even than bitcoin will survive and the price will recover.