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Bitcoin's biggest rally since 2021 is fizzling out

Bitcoin's rally this year looks like it could fizzle out as increased regulatory scrutiny and the collapse of two crypto-friendly banks weigh on investors' appetite for the token. The most popular cryptocurrency has slumped by nearly 10% over the past month – and more than 5% in the past five days alone – to trade at around $27,000. Investors' optimism that the Federal Reserve would soon start slashing interest rates fueled a 67% rally over the first three months of 2023. Bitcoin's underwhelming month has coincided with a string of senior crypto execs warning about regulatory stasis in the US.

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