Whenever someone says the market doesn't work it's just because it's not doing what they think it should, as if there's some pre-ordained magical prices.
Seems to me the bigger magical leap here is in the observer who considers this to be either desirable or necessary.
It’s not an efficient (let alone moral) distribution system if one of its outcomes is spiraling prices that are irreflective of genuine market demand.
The whole problem highlighted here is that the people who want to sell cannot sell because the buyers don’t want to eat their consequences and man up to the loss on their gambling.