The so called Chinese influence is always overhyped. It is true that there are tens of millions of cryptocurrency users in China.
It's not overhyped, how come the prices could go down in the instance that China announces something negative for the bitcoin market. I think that if your country can move markets, it is influential in my book.
China has progressive in many sectors, they don't abandon traditional investments. the volume of the market they have in crypto has a big contribution
in various Asian countries there are also good developments