You're investing in an underlying asset that's only seen as valuable by fellow investors. We had the problem in ~2018 with this though since people kept buying thinking it was going to go up. And much more recently we've seen jolts due to this.
One who has entered in this stage will never accept the words like Bitcoin is not risky. Also, there was famous line that started in start of 2018 that invest only that much which you are ready to loss. This lines were not just famous because it was philosophical, it was mere fact of those days.
Even now for a short term trader the volatility of the market matters.