Why is the crypto market down today?

Right as analysts thought that Bitcoin BTC tickers down $27,097 was on the cusp of showing signs for a price breakout, the crypto market took a turn to the downside amid increased regulatory uncertainty. Bitcoin price hit a 7-day low on May 16 at $26,970 as traders worry that a larger price dip is possible, and a CME gap sitting at $24,000. Similar worries exist for Ether ETH tickers down $1,827 which traded above the $2,100 level after the Shapella upgrade only to be followed by an intraday low of $1,804 on May 16. The downturn comes as digital asset markets continue to shrink, seeing outflows surpassing $200 million.