Why are Bitcoin and Pi Network plummeting?

(NLĐO) - Notably, Pi Coin also dropped sharply during the cryptocurrency market downturn, falling to just 1.9 USD/pi.

According to data from CoinMarketCap, on March 2-3, Bitcoin continued its slight rebound, rising by 2% (equivalent to $1,700), trading in the $ 86,000/BTC range after crashing to $79,000/BTC on the afternoon of February 28, its lowest level since early November 2024.

Compared to its peak in January 2025, the value of Bitcoin has lost nearly $20,000/BTC.

On the overall market, other cryptocurrencies also fell sharply on February 28th, notably Ethereum (-8%), XRP (-6%), Binance Coin (-6%), Solana (-5.7%), etc. These coins have since recovered, following Bitcoin's upward trend.

Notably, Pi Coin (Pi Network) also dropped to just $1.90/pi during the cryptocurrency market crash. In the following session, it recovered slightly but then fell to $1.73/pi, 40% lower than its peak of $2.94/pi.

Bitcoin price fluctuations over the past 7 days.

Explaining the sharp decline in the cryptocurrency market, Mr. Pham Manh Cuong, founder of Wischain Co., Ltd., said it stemmed from investors, especially "whale" funds, taking profits after realizing that Bitcoin could not continue to rise.

Furthermore, according to the director of a blockchain company in Ho Chi Minh City, the decline of Bitcoin and altcoins is occurring against the backdrop of the US decision on cryptocurrency regulation, which, although previously announced, has yet to be implemented, along with concerns following the attack on Ethereum on the Bybit exchange, which caused nearly $1.5 billion in losses.

This has eroded investor confidence, and the influx of money has slowed down, resulting in a lack of recent surges in the cryptocurrency market, unlike the time in January when Bitcoin rose to over $105,000/BTC.

According to experts, the cryptocurrency market is also linked to the stagnation of the technology industry.

However, for Pi Coin, its price fluctuations are not related to the overall market. When Pi holders sell off their holdings en masse, the price will drop sharply. This cryptocurrency is not affected by macroeconomic factors such as global finance or technology.

Pi has a very large community of participants, not only in Vietnam but globally, including many big players who can manipulate the price to make Pi increase or decrease. Therefore, there is no solid basis to predict what Pi will be like in the future.

Experts advise investors to exercise caution and conduct thorough research before deciding to invest in cryptocurrencies, including Pi Coin.

"Bitcoin is currently fluctuating in the $85,000 - $86,000/BTC range. Without positive news from the US, this cryptocurrency will correct slowly, not rise sharply like when President Trump took office."

"As for Pi Coin, it's impossible to predict whether the price will go up or down, but anyone who chases after it and accumulates before March 14th (Pi Day) will be in great danger. Currently, Pi is trending downwards after reaching its peak," the expert said.

Source: https://nld.com.vn/vi-sao-bitcoin-va-pi-network-lao-doc-196250301103800395.htm