I think the impact of this bitcoin mining ban in China will also puncture the transaction time, causing increased fees to be paid to transfer bitcoin. This could negatively affect the value, as it would make cryptocurrency less practical as an alternative to the normal currency.
Bitcoin currency could never really replace the normal currency even in its peak time, due to such a volatile rate of bitcoin, users around the world see it more as an investment rather than an asset or currency and hence it failed to achieve the tag of digital currency rather it is now just a digital investment where investors are attracted daily to make huge profits.