Crypto market is the one that is run by news and is built by belief of investors. If they believe in something good for future, they accept high price. It is the rule of market, the sellers sell it because they think price topped up. The buyers buy it as they think prices can move up more.
Crypto is true what you say is inseparable from the news that quickly spreads especially through social media which is now mushrooming, clearly affecting crypto. no less important, of course, investors who help the marketcap movement can move with enthusiasm.
The economic system clearly has an effect on crypto, if the price goes up immediately to sell and when the price goes down don't hesitate to buy and make an investment.
The advantage of the market also exposes the disadvantages, As you mentioned the market is run by trust and you cannot expect everyone to follow the rule and we have seen many scammers in the market. When it comes to bitcoin we all know the affects of halving as we have witnessed the event twice and how well the market responded and now we have big players in the market as well and so is the reason the price is rallying hard.
fraud is always there and not only in movements in the market, it seems like all lines have been entered, because they know that the profits they get are very attractive and we have to tolerate it because this is the time and we just need to sort it out.
Halving plays a very important role in bitcoin because during the first and second events the impact can be seen and it increases sharply. now the third halving has been seen from last year bitcoin has reached ATH and people have confidence that this year there will be renewable ATH again, not for bitcoin but all including altcoins that have started to move up .