Your topic and what it contains is a little different. You mean JP Morgan going back from not supporting bitcoin or supporting with there coin...
I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.
I rather would expect a major bull if China declares publicly, there turning around to endorse bitcoin. Chinese would immediately buy in and we know they have large population. This will bring increase demand.
The large populations of china will surely create a big impact to this industry, there's no question about that and moving back to what OP's statement, there's still no clear stand coming from JP even they are launching their own coin, there's still clarifications that we needed to see or hear from them,
we still need to assess and observed the next actions that they will take.