I don't think that. crypto hype is not and its not belong to Elon Musk or any famous other peoples. About the China issue, yes they are trying to ban everything but all of this investments going to the Texas USA. That means in future USA will control everything in this market.
Real talk. Yes, crypto isn't owned by Elon or by China but they really doing this that are making the market move onto their favor and that's a fact.
But whatever they say, that won't change the fact that the hype might be over soon and with things today, it's unlikely to be over and I think it's just getting started again.