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.
elon made a status on twitter which made a lot of people panic and maybe a lot of whales who used it to make the price crash and it seems that everything is elon musk's fault, but you have to know if elon didn't make a statement like that then there wouldn't be a dump like this.
I don't want to be pointing at Elon and China for the dump it is mainly siding with whales - it is not the regular people that has caused this - it is coordinated and it just happens that China made its stance on crypto at the same time.
I'm not saying Elon is not a cause, yes, he is but the action was at the hands of the big manipulators and these two events we see might just seem like cover up things to hide the actual fact that the price all this time has been manipulated.
It saddens me to see how far we have come with the crypto market and how easily all this progress can be sidetracked.