Always surprises me what moves crypto, stupid tweets by Elon and Chinese regulation rumors cause massive price swings but strong evidence of mass adoption and its like nothing happened? maybe we just need america to wake up?
What drives the market is supply and demand, which can be influenced and use the news to make a small event seem big and vice versa.
The news channels are also trying to find a logical justification for increasing or decreasing the price, although that justification may not be true, but everyone believes it.
Suppose, for example, that the price of Bitcoin rose 10% (a natural thing) and at the same time something happened, such as a player in the English Premier League watching it, and it did not contain a scene of Bitcoin, you will find some news channels linking the two events, which is exactly what happens with Elon Musk’s tweets.