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.
Your reason could be one of the factors too of course. But I can't say such thing as "Elon Musk and China don't have any affect on the market". Because we've witnessed so many news etc. like these which directly affected the market in a good or bad way.