I think we already have gotten answer to this one, government dont like people using bitcoin for the illegal activities and they stated to ban it even there was no proof collected about it. However government stayed firm on their decision that bitcoin is being used that way and they banned it in many parts. Then after they gotten the proof that bitcoin was actually being used for the money laundering purpose and thus got involved into the illegal stuff. Not much far, they sooner exposed that its being blacked out in the dark web and being used for worst activities.

So the output of this discussion is, its not just the sharks and whales who are manipulating the market but dark site money driving force is also taking long part in this manipulation because they drive crazy money into them and sell off quickly.