But China is not anymore the superpower of crypto market. If China ban all crypto related activities outright, the market will react for a short span. But I don't think any big impact will be seen for China's exit.
China's importance has been greatly exaggerated by the market for a very long time. It's safe to say that after the PBOC stepped in, the Chinese market showed its real nature, which is a very unmotivated market.
If you look at the ratio of China's massive size in comparison to other countries, and put it against the volumes they generated on a daily basis, they are a non important market overall.
The only reason that market boomed in the first place, was because of high frequency traders taking advantage of the zero fee structure the exchanges were using to massively inflate their volumes.
It shouldn't come as a surprise that after the exchanges there were forced to shut down, the general Bitcoin and crypto market did better than ever before. It's a clear sign that China's importance was only a thing in people's minds.