Well, people sure are scared of price crashes that could be potentially be caused by a Chinese announcement. Though yes, China sure has a significant influence on bitcoin's price(for some reason people exaggeratedly react to Chinese announcements), but it sure is counter-productive to be overly-worried on stuff that they really have zero control over. Most of the time, the worry is more from the people who are overly invested in bitcoin/cryptocurrencies; and to accompany with that, little to no investment knowledge.