Pi Network’s PI Crashes and Burns Again, Bitcoin Rebounds From $62K: Market Watch
Perhaps factoring in the substantial escalation in the Middle East, bitcoin’s price tumbled on Monday from over $64,400 to a multi-day low of $61,800, where it finally found some support.
Most larger-cap alts are in the red once again today, with HYPE, ZEC, and XLM dropping by around 3%.
BTC Rebounds From Sub-$62K Dip
Strategy’s major bitcoin sale announced last Monday brought intense volatility to the market. At first, BTC reacted with a painful decline from $64,000 to $61,200, which was rather expected given the significance of such a move. What was more surprising was the subsequent reaction that saw bitcoin jump to $64,600 within hours.
Nevertheless, that was short-lived as the renewed attacks between the US and Iran increased the selling pressure once again. This time, BTC dipped to just $61,600 before it began its recovery. The culmination came during the weekend when the cryptocurrency spiked to $64,600 again. Although it was stopped there, it spent most of the weekend at around $64,000.
Strategy didn’t buy or sell BTC in the past week, which was a relief. However, Trump reinstated the US Navy blockade at the Strait of Hormuz, which led to another leg down to $61,800. Bitcoin has rebounded since then and now sits almost a grand higher, but it’s still 3% down monthly.
Its market cap remains under $1.260 trillion, while its dominance over the alts has stalled at 56.7% on CG.
PI Smashes New Record Lows
It’s safe to say that Pi Network’s native token is among the worst performers during this bear cycle. It was rejected at $0.30 in March and has plunged since then to consecutive all-time lows. After yesterday’s drop to $0.086, the token crashed once again in the past day to just over $0.07, marking yet another low.
DEXE is the other double-digit loser on a daily scale after its recent rally. In contrast, HASH is up by 25% to $0.0095, followed by BDX’s 10% surge to a very similar price tag.
ETH, XRP, SOL, TRX, DOGE, RAIN, and XLM have lost up to 2% daily, while HYPE, ZEC, and XLM are down by over 3%.
The total crypto market cap has lost another $20 billion and is below $2.220 trillion on CG.
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