10 out of 10 times in history, when China bans something crypto-related, it has been bullish. The party's power is not based on popularity, so they need to exercise control over anything that might go against the grain. And what is against the grain is having unapproved investment opportunities, as capital flight is a great concern for China, whose economy is unbalanced at the expense of consumers. If consumers cannot be kept happy, they must be kept under the lid.