Mostly the news and people emotions.
FOMO and FUD affects the price greatly
But don't forget the Whales controlling and manipulating the market. They create Pump and Dump, especially in small Alts market.
The above user have said it all.
But if you were following the market you will notice it's recovering beside what do you expect after a major pump from 3k last year to 20k? A big correction that's the answer. So definitely it was just a correction and also the ban news played a key role in dipping of price.