Over the weekend, the cryptocurrency market encountered sharp losses, driven by rising tensions in the Middle East and inflation fears. Bitcoin fell below $99,000, suffering significantly from overall market declines.
Price Drops in Cryptocurrencies
The cryptocurrency market has sustained serious losses arising from heightened expectations and investor panic. Bitcoin dropped below the $99,000 mark, with other key altcoins, including Ethereum, also bearing the brunt. Pi Coin fell by 11%, drawing closer to its all-time low, although it has recently rebounded by 0.55%. The ongoing unlocking of 263 million tokens in June is putting pressure on Pi's price and raises concerns among investors.
Response from Pi Network Founder
Dr. Nicolas Kokkalis, founder of Pi Network, responded to concerns regarding the falling Pi price, linking it to the broader market correction. He pointed out that major assets like Bitcoin, Ethereum, and Solana have also experienced significant declines, impacting overall market sentiment. Kokkalis emphasized that Pi's dip isn't an isolated event but part of a global trend. However, he highlighted the strong fundamentals of the project, including over 50 million users and a growing ecosystem.
Forecasts and Upcoming Events
Crypto analyst Dr. Altcoin predicts that Pi Coin will remain around the $0.40 level through the end of August. He believes the upcoming event, marked as Pi Day 2, is unlikely to affect the price, indicating low expectations for short-term momentum. However, June 28, when the .pi domain auction concludes, may impact growth. At the same time, the upcoming unlocking of 40 million PI tokens on July 1 could exert downward pressure on prices.
In the context of the current market instability and key upcoming events, such as Pi Day 2 and token unlocks, market participants should exercise caution and monitor price movements closely.
