Despite of the repeated scenario that China banned crypto currency and announced crypto is illegal, they are one of crypto lovers. In fact more of our Chinese neighbor are using cryptocurrencies and they are investors. Also some of them are so good in development to produce potential crypto. China might shake crypto market but it could not stop cryptocurrencies. The announcement will take effect immediately to crash the market because China is big and more cryptonian are there.
Agreed, even the crash happen, recovers always happen too. If China probably leave crypto forever (No more fud, its a good thing), or comeback later (Would be good too for crypto, more adoption).