Why is the Pi Network Price Up Today?
TL;DR
- PI marked a solid daily gain, driven by the broader crypto market recovery following the eased trade tension between the USA and numerous countries.
- Community members noted the pump, with some envisioning a rally above $2.50 in the near future.
The native cryptocurrency of Pi Network witnessed a substantial resurgence several hours ago, with its price soaring to almost $0.65. Later, though, it retraced to the current $0.60, which still represents a 6% daily increase.
The most likely reason fueling the rally is the cryptocurrency market’s overall revival following the latest update on the global trade war.
Recall that US President Donald Trump implemented a 90-day suspension on most new tariffs. The reciprocal rate was reduced to 10% for over 75 countries that have recently tried to negotiate better terms with America. However, tariffs on Chinese imports dramatically increased to 125% due to “the lack of respect” from the Asian nation.
In the aftermath, Bitcoin (BTC) surged past $83,000 before settling at around $82,000, while Ethereum (ETH) exceeded $1,600.
Strategic deals inked as of late might have also played a positive role for PI’s price performance. Not long ago, Pi Network collaborated with the global payment service provider Banxa. The latter supposedly acquired over 30 million PI tokens, highlighting its potential confidence in the project’s ecosystem.
On April 8, Pi News (a media platform associated with the crypto project) claimed that 1.2 million PI were purchased from Banxa in the span of 48 hours.
“This signals Community trust in Banxa. More utilities, more demand,” the entity added.
PI’s price pump in the past hours sparked enthusiasm across its community, with some members envisioning further upswing in the near future.
The X user MOON JEFF (who also touches upon the matter) argued that recovery is possible and envisioned the formation of a V-shaped curve that could result in a rally above $2.50.
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Bitcoin Recovers to $83K in Crypto Market Bounce as Trade Tensions Ease
Almost $250 billion has reentered spot crypto markets over the past 12 hours or so in reaction to the 90-day pause and lowering of reciprocal tariffs by the US president.
Total market capitalization has returned to $2.7 trillion in a 6% daily gain, recovering almost all losses over the past few days of bleeding out.
Bitcoin surged more than 8% over the past 24 hours to hit an intraday high of $83,425 during late trading on Wednesday before cooling off a little during Thursday morning’s Asian session.
The asset has now returned to its month-long range-bound channel in the mid-$80K price zone.
Analysts Weigh In
Technical analyst ‘Rekt Capital’ observed that two exponential moving averages are consolidating in what is still a bull market, for Bitcoin at least.
They noted that the 21-week EMA represents lower prices as it declines and is currently around $86,500 before adding, “The declining nature of this EMA will make it easier for BTC to break out.”
Meanwhile, analyst “Mister Crypto” drew comparisons with price movements in 2020, suggesting that a large breakout is imminent.
Stock markets also rallied on the news, with the S&P 500 gaining 9.5% on the day, the Nasdaq up 12%, and the Dow Jones increasing by almost 8%.
However, not all were convinced it was a good thing, with permabear Peter Schiff chiming in, “Today’s US stock market rally is a bear market rally, and likely an opportunity to sell. 10% across-the-board tariffs remain in effect, and there will be heightened risk over the next 90 days.”
Asymmetric founder Joe McCann opined that markets have already priced in the current situation with tariffs. However, if a deal with China emerges, markets will “explode,” he said.
How I’m viewing the market now:
– Market was priced for China, EU and everyone else getting tariffed
– Market now pricing only China
– Market not pricing a China dealIf a China deal comes, market explodes. If it doesn’t, it’s already priced.
10Y wax max bid by foreigners -… pic.twitter.com/GFWN6XsisW
— ◢ J◎e McCann (@joemccann) April 9, 2025
Elsewhere on Crypto Markets
Ethereum, which fell below its 2018 cycle peak on Wednesday, bounced back by 15% in a return to tap $1,680. However, the asset remains weak, with prices at bear market lows.
Other altcoins showing solid recovery included XRP, up 13% to reclaim $2, Solana (SOL) gaining 12% to tap $120, and Dogecoin (DOGE) up a similar amount to top $0.16. Other double-digit gainers today included Cardano, Chainlink, Avalanche, Hedera, and Sui.
Nevertheless, altseason has yet to materialize for the majority of digital assets, which remain way down from their peak levels in this cycle or the previous.
The post Bitcoin Recovers to $83K in Crypto Market Bounce as Trade Tensions Ease appeared first on CryptoPotato.
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