Only now that bitcoin is so popular and the price rose so high, China has the audacity to accept btc as it is. Way back when btc is just 100 times cheaper, they just can't accept btc in their country. They were influential back then but now, I think any news from them are just ordinary and can't influence the market.
But let me clear it, I am happy with China's decision.
This is a significant public shift for China, which in 2017 banned local crypto exchanges and initial coin offerings (ICOs). China is also working on its own digital currency, known as the digital yuan, which is very different from bitcoin. It aims to replace China's cash and coins.
Bitcoin last week hit an all-time high of over $64,000 on excitement over Coinbase's direct listing. Over the weekend, the world's largest cryptocurrency by market capitalization slipped 17% to its lowest since February but recovered on Monday, regaining some stability.