As crypto enthusiasts around the world celebrate Bitcoin Pizza Day, investors and traders are keeping abreast of ongoing market trends affecting the performance of Star Tokens alongside Bitcoin. [BTC] Register low trading levels leading to losses.
Bitcoin can’t stop losing
Two weeks have passed since the collapse of May 9th, but the cryptocurrency market has not shown much recovery due to the token’s performance and feelings of anxiety and fear among investors about the loss it will incur.
These ongoing market-related concerns can be analyzed by considering the crypto space as well as the overall performance of the stock market as these indices have been moving together over the months.
As BTC has been testing the $30,000 space over the past few days, SPX has also noticed a decline. Also, given the correlation, it is not surprising that the latter influenced the former.
However, BTC’s loss streak peaked this week as most bitcoins involved in post-collapse trading have lowered their overall profit margin to their lowest level since 2021.
The Bitcoin supply across the network was found to be at a loss of 57.2 billion BTC (192 million BTC).
Accordingly, the market price of Kingcoin also fell due to the decrease in the Bitcoin price, and the token can be considered to be the lowest level since April 2020.
Thus, all these circumstances have created a mood of panic and worry in the market, and investors have lost hope for a recovery in the near future.
According to the Fear and Greed Index, the market hit record lows for the second time this week. What investors feared goes back to August 2019.
These fears can only subside slightly when Bitcoin makes notable progress on the chart and is above the critical support of $30,789, which coincides with the 23.6% Fibonacci level.
When that happens, the network can go back to attracting new investors and retaining existing ones instead of losing 419,000 investors as it did for a week. Bitcoin also needs support from the remaining 41.7 million investors.