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.
That's what I am saying. China is having a disproportionate impact on the cryptocurrency market. A lot of users give undue importance to China. As I mentioned earlier, if you look at the volumes Japan may be more important when compared to China. But the news from Japan never influences the exchange rates. A lot of people have this misconception that a larger population always translates to larger financial influence. That is not the case with cryptocurrency. For the cryptocurrency market, countries such as Japan and Germany are more influential, when compared to more populous countries such as China and India.