Bitcoin won't die or anything because of China shutting down the exchanges but there is a lot of capital over there and a lot of those people probably don't have access to foreign bank accounts so it will be hard for them to get their money out any other ways than to just dump the coins through the exchange they were with.
I figure there are a lot of people who are just going to be still finding out about this today and tomorrow and trying to decide what to do.
I just think it will be a lot of sell pressure for a little bit here.