We’re yet to see a positive reaction in the market after this news. I hope we’ll see prices start to pump soon, I would expect if China start to become crypto friendly again it’d be very bullish. In the 2021 bull run when China banned bitcoin we dumped from 45k to 28k briefly in one day, I remember it well. So if China starts becoming crypto friendly again, hopefully it’ll be good for prices. Maybe because the US won’t give regulatory clarity, China sees it as an opportunity to get exchanges to move to China.
If at least one of those countries gave favorable signals that will be a reason for the market to pump, but while both of them want to use bitcoin to their advantage both of them also hate the freedoms people can get through it, which is why both seem to be so indecisive about it and their policies keep changing, however it would not surprise me if this was also nothing more but another scheme by the Chinese government so a few months later they can once again change their posture and create more FUD to try to bring this market down.