Pi Network (PI) Sees 10% Daily Drop, Bitcoin (BTC) Volatile at $84K (Market Watch)
The recent weekend in cryptocurrency markets was anything but tranquil, marred by significant volatility, particularly around Bitcoin’s $84,000 mark, spurred by substantial short positions on Hyperliquid. The ripple effects influenced many altcoins, with notable price movements observed across various assets.
### BTC Experiences Turbulence
The previous week was characterized by dramatic fluctuations in Bitcoin’s (BTC) price. It began with a sharp drop from $86,000 to $80,000 on Monday. After a minor recovery to $84,000, BTC plummeted again on Tuesday, hitting a four-month low of under $77,000. This $9,000 decline over just two days set a precarious tone for the cryptocurrency.
However, buoyed by positive U.S. Consumer Price Index (CPI) data for February, Bitcoin managed to bounce back, reclaiming the $80,000 threshold and continuing its ascent above $85,000 by Wednesday. This rally was short-lived; the price dipped back to $80,000, but BTC defended that level and stabilized around $84,000 over the weekend. Notably, a significant trader executed a $366 million short position on Hyperliquid, which momentarily pushed Bitcoin down to $82,000 from its weekend high.
At the moment, Bitcoin trades just below the $84,000 mark, boasting a market capitalization of approximately $1.655 trillion. Its dominance in the market stands at 58.6%, reflecting its significant hold over the altcoin space.
### Altcoin Market Shifts
In the altcoin arena, Binance Coin (BNB) is experiencing a notable surge, climbing over 6% to trade above $630, distinguishing itself among larger-cap assets. Conversely, many other altcoins are facing minor retracements, with Ethereum (ETH), XRP, Cardano (ADA), and TRON (TRX) reporting declines between 1% and 3.5%. Particularly striking was the 10% drop in PI, which is now trading under $1.35.
Additionally, lesser-known cryptocurrencies like OKB and MNT showed volatility with gains of 5-6%, while assets such as TRUMP faced declines of around 3%. Overall, the total cryptocurrency market cap has contracted by over $20 billion since the previous day, settling well below $2.83 trillion.
This drastic shift in market sentiment illustrates the unpredictability inherent in cryptocurrency trading, where sudden price moves can have widespread implications across various coins and tokens.
