It not good to believe every trend the market shows was played by the whales when the arbitrage traders were to be blame sometime and I think they are also behind this current market trend either after the Paypal statement.
Cryptocurrencies are just full of FOMO and hype. What do you expect? High demand from mainstream users? Of course, not. Cryptocurrencies are not at that stage yet, so it's only natural for price movements to be controlled based on FOMO.