This week, Pi Network launched its Open Network, leading to significant changes for the PI token, while Ripple set a new record after the approval of the first-ever XRP ETF in Brazil.
Launch of Pi Network's Open Network
Earlier this week, Pi Network launched its Open Network, nearly six years after its inception. This enabled the PI token to be listed on exchanges such as Bitget, MEXC, and OKX. On its first trading day, the token's price surged to almost $2 before falling to the current $0.63, according to CoinGecko's data. However, the project has faced criticism and skepticism from industry participants, such as Bybit CEO Ben Zhou, who labeled it a scam. 'If the project is legitimate, you should come forth and refute the claims,' he stated.
XRP Prospects and Forecasts
Ripple's cryptocurrency, XRP, was among the top performers, soaring to nearly $2.75 following the approval by Brazil's Securities and Exchange Commission of the first-ever XRP ETF. However, in recent hours, the asset has slightly lost value and is currently trading at approximately $2.66. Analysts, including Ali Martinez, predict the potential for another rally based on TD Sequential indicator signals.
Bitcoin Dynamics: Recovery and Prospects
Bitcoin has shown significant recovery, rising above the $98,000 mark, positively affecting investor sentiment, with the Fear and Greed Index entering the 'Greed' zone. Atlanta Fed President Raphael Bostic stated that his rate expectations include two cuts this year. This decision could benefit the cryptocurrency market, as lower rates may increase interest in riskier assets like BTC.
Currently, the industry's attention is focused on the strategic development of Pi Network and Ripple, while Bitcoin experiences renewed positive momentum. The market's future will depend on various factors, including regulatory decisions and economic indicators.
