The major selloff in the cryptocurrency market is viewed as a correction by most analysts after Bitcoin saw its price climbing to an all-time high of $73,666 last Thursday, the highest level in its 15-year history. The next day, it pulled back from its record-high level and the rally in the cryptocurrency market has come to a pause.
Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.
