Why are Bitcoin and Pi Network plunging?

(NLDO)- Notably, Pi Coin also fell sharply during the day the cryptocurrency market plunged, to only 1.9 USD/pi.

According to data from CoinMarketCap, on March 2, Bitcoin continued to increase slightly by 2% (equivalent to 1,700 USD), trading at the 86,000 USD / BTC area after collapsing to 79,000 USD / BTC on the afternoon of February 28, the lowest level since early November 2024.

Compared to the peak in January 2025, Bitcoin's value has lost nearly 20,000 USD/BTC.

In the general market, other digital currencies also fell sharply in the session on February 28, typically Ethereum (-8%), XRP (-6%), Binance Coin (-6%), Solana (-5.7%)... Currently, these coins have increased again following the momentum of Bitcoin.

Notably, Pi Coin (Pi Network) also fell to only 1.9 USD/pi in the session when the cryptocurrency market plunged. In the following session, this coin increased slightly again but then decreased to 1.73 USD/pi, 40% lower than the peak of 2.94 USD/pi.

Bitcoin volatility over the past 7 days

Explaining the sharp decline of the cryptocurrency market, Master Pham Manh Cuong, founder of Wischain Company Limited, said it was due to the move of investors, especially "shark" funds, to take profits when realizing that Bitcoin could not continue to increase.

In addition, according to the director of a Blockchain company in Ho Chi Minh City, the decline of Bitcoin and Altcoins occurred in the context of the US's decision to manage cryptocurrencies, although it had been announced before but had not been implemented yet, along with concerns after the attack on Ethereum on the Bybit exchange, causing a loss of nearly 1.5 billion USD.

This has caused investors to lose confidence, money is no longer pouring in, causing the cryptocurrency market to not have any recent breakthroughs, for example, in January Bitcoin increased by more than 105,000 USD/BTC.

According to experts, the cryptocurrency market is also related to the slowdown of the technology industry.

However, for Pi Coin, the fluctuations of this currency are not related to the general market. When Pi holders sell massively, the price will drop sharply. This currency is not affected by macro factors such as global finance or technology.

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

Experts recommend that investors need to be careful and research carefully before deciding to invest in cryptocurrencies, including Pi Coin.

"Bitcoin is fluctuating in the price range of 85,000 - 86,000 USD/BTC. If there is no favorable information from the US, this currency will adjust slowly and not stand upright like when President Trump took office.

As for Pi Coin, it is not possible to predict whether the price will decrease or increase, but if anyone follows and buys goods before March 14 (Pi Day), it will be very dangerous. Currently, Pi is on a downward trend after climbing to the top" - the expert said.

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