China is a huge market of cryptocurrencies. Their banning of Bitcoin exchanges will definitely have a negative impact on the market. Market might experience a relatively large dump. But market as always will ultimately recover and will come back on track.
Yes there will be a negative impact on the cryptocurrencies of china and trade in digital currency will be effected as this decision will be suffered by the china and a lot of talks are being made to take off this decision because bitcoin are progression and in coming future all the business will be done in cryptocurrencies more likely in bitcoin so they should rethink on their decision
Right. And when it bounces back without the chinese, that means that btc has become stronger and had more solid support that it doesn't need the chinese market anymore no matter how big it is.
Certainly, Bitcoin does not need China on the road growth and become the best payment method in future. Bitcoin is decentralization, why do it need China support it? The Bitcoin community will help Bitcoin become famous on worldwild.