What happened?
The Pi Network cryptocurrency has decreased by 3% in the last 24 hours, dropping to $0.6769, amid US President Donald Trump’s announcement of new import tariffs. In the past week, PI has fallen by 19%, and it’s down 58% in the last 30 days since its peak at $2.99 on February 26. The decline is due to unfavorable macroeconomic conditions and a loss of investor interest, partly because of limited exchange listings.
Who does this affect?
This situation primarily affects Pi Network investors and traders who may have seen significant losses in recent weeks. It also impacts potential investors who might be cautious about investing due to the coin’s recent performance and lack of major exchange listings. Additionally, traders looking for new opportunities might be influenced by Pi Network’s instability as they seek more reliable investment options.
Why does this matter?
The current state of Pi Network highlights significant market volatility and the influence of external economic factors, like tariffs, on cryptocurrency valuations. The lack of confidence from major exchanges like Binance, Coinbase, or Kraken is crucial as it restricts PI’s trading volume and growth potential, impacting market sentiment. However, if listed by a major exchange, Pi Network might recover quickly, possibly increasing to $1 or higher, underlining the essential role of exchange support in cryptocurrency valuation dynamics.