Bitcoin has dropped over 16% to around $81,000 after a major theft incident at Bybit, negatively affecting investor sentiment. Ethereum has also declined by more than 22%. Meanwhile, Pi Coin has surged over 250% since its recent listings on major exchanges, creating excitement despite some concerns about its legitimacy.

The cryptocurrency market is experiencing volatility following Bitcoin’s recent decline exceeding 5%. After reaching a peak of over $100,000, Bitcoin has since dropped to approximately $81,000, losing over 16% of its value in the past week. A significant factor contributing to this downturn is the reported theft of $1.5 billion worth of digital assets from Bybit, a notable cryptocurrency trading firm, which has adversely affected investor confidence. The founder of Bybit has assured users that their funds are secure and that refunds will be processed for those affected, but overall sentiment within the crypto market has declined.

In addition to Bitcoin’s struggles, Ethereum has seen a decrease of more than 22% due to the market’s negative reaction to the Bybit incident. This fall in sentiment is compounded by a notable drop in consumer confidence, which has reached 98.3, marking the steepest decline since late 2021. The current uncertainty surrounding potential trade wars and the implications of tariffs announced by former US President Donald Trump has further complicated the situation, particularly for cryptocurrencies that experienced significant highs earlier this year.

In contrast to these losses in established cryptocurrencies, Pi Coin has exhibited remarkable growth, surging by over 250% since its listing on various exchanges, including Bitget and CoinDCX, on February 20. In just under a week, Pi has yielded substantial returns for investors, with expectations of continued upward momentum. The recent surge has notably outpaced older cryptocurrencies such as Ethereum and Bitcoin.

Pi Coin, which has recently launched its Open main net, now boasts a price of over $2.4. Nevertheless, some analysts view this rapid rise as speculation rather than sustained growth. Although listings on major exchanges have occurred, Binance is still deliberating on whether to include Pi Coin. Critics have voiced concerns about the lack of transparency in Pi’s structure, comparing it to a pyramid scheme; however, enthusiasm remains strong among supporters of this digital currency.

In summary, Bitcoin is facing a downturn following a significant theft incident, leading to diminished investor confidence and a ripple effect impacting other cryptocurrencies like Ethereum. Conversely, Pi Coin is rapidly gaining traction, posting remarkable growth since its exchange listings despite criticisms regarding its stability and structure. As the market continues to fluctuate, investors may need to exercise caution while seizing emerging opportunities.

Original Source: www.outlookbusiness.com

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