If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.
China banned cryptos? I guess its a wrong information.
Elon Musk know what he is doing which intiated the price dump for sure because he just wanted the Doge to be bullish so lured the investors to buy more Doge and also he said he is not going to accept bitcoins for payment modes.