It has been often remarked that these days, the power of select individuals over alternative markets is palpable. In a world driven by high-frequency retail trading, figures such as the Winklevoss twins, Chamath Palihapitiya and Keith ‘Roaring Kitty’ Gill are the arbiters of value over assets such as cryptocurrencies, Spacs and GameStop.

But no one, it seems, is able to cause more market chaos with a single tweet than Tesla chief executive Elon Musk. The electric carmaker’s entry into bitcoin in February marked the start of the cryptoasset’s recent upswing to a record high of $64,829 in mid-April, while Musk’s own statement on bitcoin’s environmental inefficiencies began the tumble back down to $31,000 a few weeks later.