Last time when China banned cryptocurrency bitcoin was trading bellow 10k look what happened to that ban. My advise don't get caught up in this news keep calm and keep trading.
As far as china banning mining, I believe it will be good for the mining community everywhere else. I don't believe that one or two mining pools should control the majority hash power or bitcoin and other cryptocurrency.
This bad news wont stop coming smart investors are waiting for this kind of news so they can buy cheap coins themselves. I used to be naive and get scared when things like this happen and sale my precious coins instead of holding to them.