China controls over 50% of the btc hashrate meaning they can do a 51% attack on the bitcoin network
This is the reason why negative issues from China can give a serious impact on Bitcoin price. Yes, they have the power to influence Bitcoin price and crypto market trends. But they shouldn't have the power to take over or even control the Bitcoin network. They also mustn't attack the Bitcoin network, what for? Many people in China have a big number of Bitcoin. If they attack the Bitcoin network, they also get a negative impact. They mustn't do something that harms themselves.
China has done this before. Banning their crypto has no effect on the market now at all.
They make noise every now and then to manipulate the market, but they have been mining cryptocurrency for their own needs.
As you can see, China has recently banned financial and payment institutions that provide services in cryptocurrencies. This is a very bearish announcement for the cryptocurrency but the announcement did not have the desired effect on the market. So it is clear that their announcement does not bother investors much anymore.
They can make a noise in the market but one thing is sure here - crypto market will survive even without their participation. Though right now, there are so many mining companies located in this country but I think, some are already starting to pack up their things and look for