For me, I think it's a mix emotion on this news there is bad and good mix. It might affect the crypto market but on the other hand Chinese Government become more strict in cryptocurrency. Looking to it, they might found out something scam in ICO's - which mainly the reason why they banned it to their country. We can see that the bitcoin is very volatile and has always proved its potential to be very great but for its world wide use , it need to be legalized every where first then only everyone can use bitcoin in future freely.