you already answered your topic, in addition to that, bitcoin or crypto market runs on p2p, the activity within the market is what makes it running, those buying and selling really dictates the current market price, no specific persons or entity administers the flow, volatility is a result of continuous selling and buying at same time, so basically, everyone in the market contributes in controlling the price, of  course there are some factors that affect the buying and selling behavior of the market.