No. Crypto currencies are unregulated and because of that it's just a normal supply and demand market.
Saying the exchange rate is driven by the supply and demand of a currency is a tautological argument. It misleadingly entices you to think that the exchange rate is controlled interior to that currency.
What determines the motion of the exchange rate is the external trade demand for goods, services and investments priced in that currency. This is easier to understand if we assume total convertibility and liquidity such that at any given time, you can immediately exchange all your USD or BTC for whatever good happens to sell in those realms. Everyone understands this direct barter example. If a country's goods become unwanted, then that country's purchasing power devalues. The exchange rate reflects this reality. You can stop or start the printing presses all you like, but that only changes the denomination, not the actual direction or velocity of the exchange rate movement.
A central bank and government is required for a stable exchange rate because you control it by influencing both the external demand and the supply. The old central bank method was to purchase/sell their own currency to absorb any fluctuations (direct supply side only). That has so far been replaced in the modern monetary system by controlling interest rates or stimulus and enticing the market participants to redirect their work efforts so that the trade equilibrium is re-established. The supply is now controlled indirectly via the capital requirements placed on lending.
