why is China so influential on BTC market?
every statement always raises a commotion in the world of crypto
China, as the largest miner, government news will affect miners' decisions. When the country begins to ban it, they will start to be nervous and will sell their coins, thus affecting the market.
It's not even about miners selling mined coins/tokens. People are naturally scared and a bad news about cryptocurrency shakes them so much and they panic leading to a huge sell off. Don't forget that majority of the people in the space are noobs who were only told about the potential profits you can make. They don't know It might goes sideways too.