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.
In some point one key factor why there is a dip happening are because of these two reason that is Elon Musk and China created FUDs that scares the whole crypto community especially those newbies and weakhand that turns into panic for them. Nowadays crypto enthusiasts are now just looking for the tweet of Elon Musk instead of looking at same technical and fundamental aspect of crypto analysis.