China isn't ALWAYS bad news for bitcoin, much of bitcoin's early explosion in growth was due to the miner boom in China. Currently, China holds the lead for the most hashing power, because of this, they always hold a lot of sway in the value of bitcoin, and the level of fees required for transactions to be confirmed quickly. Recently, news about China's changing crypto regulations caused a small crash in the BTC price, due to misinformation, as nobody mentioned a ban, and yet panic still ensues.