I just came across a paper written by John Griffin and Amin Shams which states that the bitcoin price was being stabilized because of a coordinated price manipulation with tether.
I respect empirical studies but I don't want to believe that. Many have become millionaires because of their investments in bitcoin and other cryptos, which is what attracted even more investors as these new currencies were being adopted by many to conduct business.
I am still a bit puzzled by the results of the study.
The direction price moves is based on manipulation and speculation in the market. Whales are the ones who control the market to go up and down quickly and also fall quickly, cause they invest huge amount of money unlike any other investors. And since the market is volatile, any huge amount they invest will always push the market to any direction. Thats why sometimes you will see small investors form a team to manipulate small cryptocurrencies.