Crypto Market Shudders After Recent Rally

The cryptocurrency market is experiencing a period of volatility following a strong resurgence in 2023. This comes after a brutal "crypto winter" in 2022, marked by the collapse of FTX, a major crypto exchange.
Bitcoin, the world's leading cryptocurrency, has dipped over 7% in the past week, falling below the $70,000 mark it surpassed multiple times this month. Ethereum, the second-largest, has seen similar drops.
Experts point to several factors contributing to the downturn. One is a recent shift in investor sentiment, with the "Fear and Greed Index" indicating a move from "extreme greed" to a more cautious stance. Additionally, large outflows from Bitcoin ETFs (Exchange Traded Funds) suggest investors are pulling out some of their holdings.
While the recent price drops are significant, it's important to remember cryptocurrency's inherently volatile nature. The market may rebound, but the downturn serves as a reminder of the risks involved in crypto investment.