From what I understand the majority of Bitcoin mining takes place in China nowadays, but I don't think any news of China either cracking down or welcoming/accepting Bitcoin more will have much of an effect on the price. The knowledge of Bitcoin has spread worldwide and it is now nearly a household name. I think if anything, China cracking down on Bitcoin more would only help to increase the price as the news would catch more people's attention and they might think- "If the communist government of China is trying to shut down this whole Bitcoin thing then it must be something of revolutionary ideals that's worth looking into." Just my 2 cents.