No regulation in the world is effective enough to fully shut down market manipulation. And to be honest, the term "manipulation" is almost a philosophical one and becomes even more complicated when we talk about assets that are traded globally.

There are external events like the pandemic or the war which have massive influence on the market and surely a couple of people knew better and earlier than others for whatever reason, and probably a lot of people benefitted from the crash during the Covid lockdowns or from investing in the defense industry when it became more and more clear what's going to happen.

Assuming you are running a business that is benefitting from a crisis and you start lobbying for something like a vaccine, you use your financial and political power to convince a government to introduce an obligatory vaccination, is that market manipulation?

Or Novogratz who follows a certain pattern when and how he starts to tweet either good or bad about the crypto space. Is it manipulation regardless of his intention or does his intention actually make something manipulation? What if he makes the price move up even though he didn't want to? Or if the price doesn't move at all but he thought he could make it crash?

Is Elon Musk not allowed to say anything ever again? Does the follower size decide whether it was manipulation? Which follower count then? Or which price movement in relative terms?

There are many many things that make it hard to come to a crystal clear judgment whether there was manipulation or not. And sometimes someone manipulates a market in a jurisdiction where authorities are ok with it, but no other outside authorities can enforce any laws.