Some people call this news a fud. Even if it's true, I don't think we'll see a big movement at the price.
On the other hand, we see that VC funding is increasing even though we face a bearish season. Not surprising, speculation and maybe realization of blockchain potential clicked those VC. I still think people who want to risk a lot will choose crypto instead of gold or any other asset. It's a high-risk high return investment, after all.
FUD is a bad thing in the current bear market, but the information he gives based on real statistics. China is one of the most developed countries in the Cryptocurrency, but currently, investors in this country are turning to invest in gold. According to statistics, against the punishment from China, China has accumulated gold letters and the amount of reserves in this country increases every day.