I'm holding BTC just so you know, but my question is why does the shutdown in China matter? I understand it temporarily reduces computational capacity and slows down some transactions because of that, but the whole thing I bought into is that this is a worldwide network and no one government can control it. So the blockchain just changes minors....right. Is there something more to this that I don't understand?
China is a powerful nation and they contribute a lot in terms of crypto mining. No matter what country it is actually, when a ban or a restriction on crypto services was made, it will make a huge impact in the market. Their influence is very great too considering that they are considered to be a first world country and comes close to competition with other huge countries. If ever the banning would continue, expect that massive downfalls will happen in different crypto. You may see it as an opportunity but at some point, it can also be scary knowing the fact that it might cause other countries to stop believing in crypto.