If human beings can actually unite at such a front, the world or rather the society might advance faster than we thought. I seriously doubt so but it would be more of people taking advantages of the scenario like what someone else has mentioned.
Oh these are all part of the side show of China and many here didn't know that China manipulated the market.
They create a fud and everyone goes panic and the big whales are catching up the small fishes in the sea.
And those fishes are the one who panic and give their money to big whales. Indeed China is very good in manipulating things and they can make all thing possible if they want.
On the first time bitcoin was booming, i agree with your analysis that the government of China can be manipulation of bitcoin's price with their rules, because on its time the people who invested in bitcoin are from the China. But i don't think it for now because many other people who invested large of money in bitcoin, they are from America, Europe and any other countries. Today even the Chinese markets of bitcoin be closed the bitcoin's price will not goes down too deep.