The main thing is panic. They see the market dumping they sell their assets without seeing their losses. They got panic. The other thing that you have mentioned which is People like Elon musk do shilling of their favorite coins and people but that coins without thinking. I hope now Elon Musk will not manipulate crypto market.
Definitely we see an another face like "Elon Musk". Elon Musk never died until stop the famous person advice. Even the current situation of several countries follow the lead of Elon musk. Those countries is burning and damaging the tools of Bitcoin mining. We need extra electricity when we are using Tesla car. Some many investors lost their money for those scam advisor.