Whales are the ones who know the psychology of investors the most and covid-19 is just the reason why they control this market more easily. In fact, any financial market is manipulated and that's why the downtrend is overwhelming the whole market. I think when the covid-19 ends, the price increase will return soon and investors will feel better to participate.
The longer the virus still stays, it continue to damage the economy, it's not only a manipulation as it's really happening, the government are spending now while there is no money coming into them since no tax are getting paid to them as businesses are close.
It's a real struggle and maybe there's a little manipulation but we know what people would do when there is a pandemic, they panic, and they don't invest.
maybe this is the best time to accumulate as I also believe that the price will rise once the pandemic is over, however we are still taking big risk and we don't know if the price has already dip.