Is there literally any truth or evidence to that? I am in the camp of "no shit it's because a wealthy country just banned it from financial institutions" but I am open to actual evidence in the contrary. I have yet to see anything contrary.
China's ban of financial institutions participating in crypto is longstanding. They've just reaffirmed it. Like the Chinese said, it's a purely speculative asset. It has some big players who control incredibly large stakes. Understanding some of these huge swings is like reading tea leaves.
From forbes
So looks like they are stepping up their fight against it.
Also from Finacial times
I had only heard about it recently, when was the ban instituted?
Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer any crypto-related services, such as account openings, registration, trading, clearing, settlement and insurance, reiterating the 2017 ban.