Remember, this whole thing about crypto is largely decentralized, thus, there is no single authoritative body in control of the crypto market. Although there are few centralized platforms among crypto, the market is largely influenced by the efforts and influence of the users of crypto. How well sellers and buyers treat the coins on the market affect the performance of the market.
There are Dumpers and Pumpers that have controlled the markets in times past and few happenings in the recent times. The effect of Whalers in the market performances have been felt over time too. But in all, I do think the Security & Exchange Commission's regulations is having an overall power over the market at this present period.