although the news of the ban on crypto in China has spread widely in many countries but the evidence is that there is no similar action from other countries, and I think the future of crypto is still very good
in the crypto world there is a drama that usually repeats itself. Like China, which I have observed, bad news makes altcoins go down. In 2017 the Chinese state made news that bitcoin was illegal which China banned and caused the market to go down significantly. and in 2021 they make another drama it's the same thing. I'm sure that after this bad news is over, the future of crypto will improve again
How come the news made by China always has an impact on the crypto market?
The panic could happen because in China there are many crypto trading holders and players. the case of crypto mining is one of them. That's what makes the market a surprising move.
I believe this is related to the large crypto asset holdings in China. they panic about their government regulation.
otherwise, how can regulations for China affect the crypto market so strongly? this is really a drama.