Because bitcoin is a digital currency and not a security there’s no prohibition against a trade in which a group agrees to buy enough to push the price up and then cashes out in a minute.
Worth reading that paragraph again.
Just so it sinks in.
Especially if your are thinking of tracing in the family silverware for Bitcoin anytime soon.
Then quickly head over to the ESMA site to see how MAD, MADii, MAR have been trying to stamp out dodgy market manipulation for the last few years.
Putting the cute ocean metaphor of Bitcoin Whales and Dolphins only goes to obscure the more dramatic reality. 1000 people who own 40% of Bitcoin with the ability to move the price of Bitcoin at will.