I like this article I read today. Japan has absorbed much of the volume.

https://www.techjuice.pk/japan-overtakes-china-biggest-bitcoin-market/

I think the main thing is that Chinese exchanges wouldnt be able to pass an internal audit and are closing up before any regulations would force them to open up their books. We have already seen a significant bump up in price, and overall, he market has recovered very nicely.

Much of it is FUD imo, and weak hands panic sold and then got completely massacred after btc and many other alts rebounded the very next day

Capitalism at its finest.