Bitcoin has crashed due to Chinese exchanges creating fictional bitcoins. Thanks China. You rarely help anything these days.
I can't seem to find any sources that indicate anyone has made "fictional Bitcoins".
Are you sure about what you claim? I could see China making some altcoin, and then naming it "Bitcoin" in order to create confusion, but there don't seem to be any facts regarding China, or anyone, doing anything to the actual Bitcoin infrastructure.
There may be few reasons.
1. Chinese who invested in BTC sold their coins and invested in Alibaba instead.
2. Chinese BTC farms have become obsolete. Their mass produced miners have become inefficient, because they have been using obsolete chips which use too much electricity in comparison to their mediocre hashing capability. Their farms don't make ROI anymore. So Chinese started panicked mass selling of their BTC to make ROI and pay for the electricity. It caused the BTC price going down rapidly