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Pi Network’s PI Token Dumps 5% Despite Hype, BTC Returns to $60K: Market Watch

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Bitcoin’s price dipped below $59,000 once again yesterday after the latest escalation in the Middle East war, but has managed to rebound to $60,000 as of press time.

Most larger-cap alts mimicked BTC’s performance but have remained sluggish on a 24-hour scale, with ETH close to $1,600. SOL has jumped by over 2% and sits at $73.

BTC Back to $60K

The previous business week began on a lot more positive note, as bitcoin rocketed to $65,500 after the weekend slumber. However, this was another dead-cat bounce that was followed by more profound and painful declines. The first occurred almost immediately and drove BTC south to under $62,400. That was just the start, though, as the bears were about to regain full control of the market.

The next couple of leg downs were a lot more vicious. At first, bitcoin plunged to $59,000, bounced off to $62,000, but it was rejected there almost immediately. The culmination, at least for now, occurred on Thursday when the asset plummeted to $58,000 to reach its lowest price tag since before the US presidential elections in 2024.

The bulls were finally able to halt the freefall, helping bitcoin recover to $60,000 over the weekend. BTC was even stopped at $60,800 after the US and Iran exchanged some blows, and it dipped by two grand to $58,800 on Sunday evening. It has rebounded to $60,000 as of now after the two sides announced they will stand down, for now.

Bitcoin’s market cap struggles at $1.2 trillion, while its dominance over the alts remains at just under 56% on CG.

BTCUSD June 29. Source: TradingView
BTCUSD June 29. Source: TradingView

PI Dives After Pi2Day

Pi Network’s community celebrated Pi2Day on June 28, the second-most anticipated day on their calendar. The team announced new major features, but the native token reacted with a massive 5% drop to just under $0.12 earlier today before it managed to reclaim that level as of press time. CC and WLD are the other major losers from the larger-cap alts, losing over 4% each.

Even more painful losses are evident from LAB (-19%), BEAT (-11%), and M (-7.5%). MemeCore is down by nearly 80% in the past week alone. In contrast, BinanceLife has rocketed by 37%, followed by VELVET’s 12% surge.

Most larger-cap alts have remained at essentially the same levels as yesterday. SOL and BCH have gained the most, up by over 2% to $73 and $197, respectively.

The total crypto market cap has defended the $2.150 trillion level on CG.

Cryptocurrency Market Overview June 29. Source: QuantifyCrypto
Cryptocurrency Market Overview June 29. Source: QuantifyCrypto

 

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