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.
Yes the community ought to be celebrating because it is actually a good thing happened to us. On a number of occasions in the past, the market have had its soar punctured by China Acupuncture needles because they are afraid of Yuan losing it to Bitcoin and yet there not much they can do to stop Bitcoin, as a matter of fact, they are already late the revolution across globe already started in 2009.