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I believe that China will have much more to lose and to gain in this policy against bitcoin, other states could welcome it differently if only for having a position contrary to the Chinese one.
China made a mistake, forcing the miners to close their facility there, is a wrong move...
today the market is 'red' maybe this condition will last in the next few weeks or months. hold or buy more crypto coins that you think are good is the best thing, don't sell at a time like this especially if you bought during the bull market a few weeks ago.
As we don't know what China's agenda is it is also difficult to say they made a mistake. Maybe from our point of view it is a mistake, but maybe they have plans to which the decision fits perfectly fine.