China is afraid of open markets and is afraid on losing control on anything. They even shut down their local stock market when things are not going well, so I guess this won`t affect the market in long term.
The joke is that you can shut down crypto

I mean look at DeepOnion new QT wallet features? TOR + OBSF4 + Meek work in China without any problems, crypto is the new way of life... they cant stop this.
Lets keep on providing the world with freedom!