That's bad news.
From the current market, it is true that the encryption market has been very volatile, because it has been down for several days.
In the long run, the encryption market will not die, because it will be helpful to people, and the blockchain technology will be widely used, and the market will only eliminate some useless currencies.
China is very well-developed country and that the government of the China is taking lot of positive steps to promote bitcoin in their country and that there is no such news that China have banned the entire crypto trading and mining in their country. The only thing about which they were worried about was the mining of the crypto coins and this is the only thing which they have strictly banned due to energy and power issues.