- The recent Terra ecosystem crash, has turned the situation scary.
- Bitcoin has been up 1.94% in the last 24 hours.
At a time when crypto fans across the globe are celebrating “Bitcoin Pizza Day,” investors and traders are alarmed by the current market trend that has a negative influence on Bitcoin and leads to losses. It has been nearly two weeks after the market collapsed on May 9th, and there is a sense of fear and panic among investors over the token’s performance and potential losses.
Bears in Control For Long
For months, the general performance of the stock market has been moving in tandem with that of the crypto area, which may be used to examine these continuing worries. Bitcoin’s losing streak reached a new high this week as most Bitcoins used in transactions fell to their lowest profit margins since 2021 due to the meltdown.
While the total quantity of Bitcoin (1.92 BTC) on the network was reported to be down by $57.2 billion. As a consequence, the market value of the king coin has fallen to its lowest level since April 2020 as a result of the declining price of Bitcoin.
As a result of these events, the market is in a state of panic and fear, with investors losing optimism that the economy would recover soon. Add the recent Terra ecosystem crash, and the situation turns scary. For the second time this week, the Fear and Greed Index has the market’s lowest position in history. Investors haven’t been this scared since August of 2019. The price has rebounded and is nearing the $30k mark, but investors are not optimistic as BTC has been unable to rally for a long time now.