China is a major player, but most of the trades are distributed around the world. In addition, Chinese people can still buy and sell Bitcoin through p2p trading.
The good thing is that now no one can complain about China manipulating the price.
It's true, before everyone thinks that China is manipulating the price of bitcoin and now if the price gets higher again, then there's new person to blame with it and that is Dimon. We can't deny that China is one of the big contribution in the market of bitcoin but bitcoin isn't only for them or about them but it's market is circulating all around the world so it's possible that bitcoin can still be $5,000 w/o them.