If China wants to crackdown Bitcoin mining activities, miners will go elsewhere. This is actually a good thing for cryptocurrencies, as it shouldn’t be under a decentralised centralised, power-obsessed regime. China can play with its digital yuan.
That's what I have been saying since China banned bitcoin mining. It's a net positive! China's dominance over bitcoin mining must end for the greater good of the bitcoin mining community. Whatever impact you are seeing, is temporary and not going to hurt us for a long time. But at least it will be free from an authoritarian regime which goes a long way cleaning up ticks from the network. China has their own version of almost everything and they should be happy with centralized digital yuan.