Yes, but very difficult to prosecute. Large institutional investors and influential financial figures do it constantly. The crypto world is similar; the owners of huge crypto wallets are able to impact market price. Very large movements in any asset class can ripple throughout a market. It is difficult to factually differentiate between a holder's sincerely held belief about the future value of a financial instrument or their desire to make gains through manipulation of its value.
SEC prosecutions mostly occur when someone with foreknowledge of a large transaction (like an employed CFA) uses such information to position transactions for insider gains and/or lies to a federal SEC investigator about their actions. Lying to a state or federal investigator is an automatic slamdunk felony. Only a dope doesn't know investigators (or attorneys in general) don't tend to ask questions for which they don't already know the answers.
Simply put; the financial pissants get caught and the big boys walk free. So what else is new?
I suspect that new (and very broad) crypto question on this year's tax form will generate quite a few serious pissant IRS prosecutions in the coming years as crypto rubes attempt to sophistry their way out of truthfully answering a very straightforward question that will easily be flagged for future review.