Could China destroy our satellites?

It has been reported that the Chinese successfully tested their anti satellite technology on January 11, at 500 miles altitude by destroying one of their aging weather satellites. The new anti-satellite technology is "a kinetic kill vehicle launched on board a ballistic missile." The CIA, the NSA, and other organizations are scrambling to find out if this reported information is accurate. Information taken from AviationWeek).

I think that this is a very powerful technology and it is definitely a large threat to United States. This is becoming a more powerful weapon against the U.S. as we become more dependent on technology that is provided to us by satellites. China could cripple the way many Americans live by simple destroying a few of our satellites. That is a scary reality and it is very dangerous if China has the technology and capabilities to destroy satellites.