Currency futures have no impact on currency spot prices. The no arb price of the futures is simply a mathematical formula made up of the difference between the interest rates of the two currencies and the time remaining to expiration. The volume of forex spot is orders of magnitude greater than futures, so although the futures product is viable and well traded it doesn't impact forex spot prices. Exactly like BTC futures.
Umm guess what happens to current Bitcoins if crackdown is round the world? Less supply coming on line and equal or greater demand means higher price. I wouldn't be surprised if some Chinese gubmint officials don't have a few ... thousand BTC's they are waiting to unload and park the funds in a offshore account or two.
1.4 billion Chinese are not allowed to buy or hold crypto assets anymore due to lack of energy for their essential needs: I see clearly much less demand for crypto assets.
1.4 billion Chinese don't hold. Do you think 330 million Americans hold? Whales and a bunch of millennials hold. That's all it taken to get Bitcoin to 60 friggen G's. But yeah it's going to be 60 pennies annnnnnnnnnnnyday now.