1. I think China want to temporarily crash the market so they can collect more BTC (and other coins dirt cheap) before announcing that they are officially adopting. At that point BTC (and other crypto) will sky rocket.
Nope Chinese Government doesn't really care about the market or bitcoin.It wouldn't take them this long to nuke the mines if they cared about it.They want more money for war with India,American and now Korea.They would tax bitcoin.
2. They don't want their citizens to trade cryptocurrency and earn (relatively easily) in fear of losing their cheap labor force. They will then try to make it as difficult as possible for it to flourish in their country.
Which is it???
Neither.Since when China started caring about their citizens ? Mark my point 1 and that is the truth you don't wanna digest.