I see the cryptocurrency market as big as it is that it is still subject to a lot of fundamental factors. That is why it is easy for market to move when people of influence have a hold on the market and are able to influence price movement.
A lot of people see this as opportunities to make a quick money but, thosr that influence the markets make a lot more money.
So i believe Elon musk actually manipulates the markets for his own personal financial gains and the unregulated nature of the blockchain market helps this to happen