Don't you think if the news from China had come earlier like 5 years ago, it would have crashed the emergence of cryptos. I think that was the news that saw bitcoin heading downwards.
Whats your view?
If the news had come 5 years ago, although according to historical account it came 4 years ago, it did came and the effect was massive but the price was able to recover after a long period of time. But this time when the population has increased largely, its safe to say that acts as a buffer against the news and thats why the fallout was still within acceptable range.
In the future when the expectant population of people who believe in bitcoin has increased and multi-nationals use the currency as well as countries adopting it, effects of news like this will only be marginal or not affect it at all. Till then, we still have to live with this and hope to get out this recession pretty soon.