The China ban is probably just another propaganda and FUD to send the market down. We've been hearing that a long time ago and yet the world still shocked when this news has came out. These negative news affected the price and hit it big. IIRC, when it was on 2018-2019, those news positive or negative don't matter a lot. But because we're in a bull run, it has really affected it and that's why a lot have sold but there's sure thing on this. Many whales have sold at profit.
It is not the first time that China fud has been shared and it caused dump in the past. The fact that it caused another dump this year means that a lot 9f the new crypto users and investors panicked immediately they saw that news from Reuters about the new ban. I don't know why China fud always get to us and crash the market. My guess is that in the first few hours, it sparked the first selling pressure and then others joined in the dumping parade.
Yes, it's not the first time. And also it's just another fud that whoever was behind it wants to see the market below again so they can inject their plan of buying the dip. Usually this is the move of the whales, they're the ones who do this if they've missed buying the dip and that's why some news really affect the market while it's going to a natural process of growing and going through a correction. There's a selling pressure that has been done and those who have sold have taken their profit and again buys the dip.