There's a reason prices go up, there's a reason prices go down. Perhaps the reason prices went down are all gone, leaving it to float up. Scarcity is built into many cryptos and so it's only natural that prices go up even with no action taken on anyone's behalf.
There's a popular saying in investing that be greedy when others are fearful and fearful when others are greedy. The data on public attention might well be inversely correlated with the price. With crypto, most of the assets are in the hands of a few and those few can move the needle more than the masses.
It is a moving goal post.
Because computer networking systems are protocol-agnostic, and we never anticipated that we'd need laws to control digital asset settlement.
My best guess is that custodial wallet (eg. "we'll handle your finances, trust us...") services will be regulated into submission a-la banks, and P2P transfers will be an ongoing issue a-la cash. If war is declared on cryptocurrency, it will probably be for national security or economic superiority reasons. My $0.02, I haven't held crypto in years.
In contrast, the stock market is a total mystery box as to even how many shares are even being traded with all of the tomfoolery with shares being borrowed and sold short, dark pools, and lots of crazy things that you'd need a decade in finance to even begin to understand.
The stock market is comparatively stable because the dialectics of "scammer" and "businessperson" are more clearly defined. By filing with the SEC you are using your credibility as collateral with a central authority; even if we both agree that government mediation is a bad idea, it's been the standard since the ancient times and will probably continue to be valuable for as long as we have sovereign states and people that live in them.