Recent Pi Network (PI) Developments, Cardano (ADA) Price Volatility, and More: Bits Recap March 4

TL;DR

• The Open Network launch allowed PI token listings, but many users still need to pass KYC procedures. The deadline moved to March 14, sparking mixed reactions.

• Cardano (ADA) hit $1.14 after Trump backed a crypto reserve but dropped to $0.81 due to market crashes after certain trade tariffs came into effect.

• Bitcoin (BTC) fell to $83,500 from nearly $95,000. Analysts debate if this is a brief correction or the bull run’s end, with key support at $75,700.

What’s New Around Pi Network?

The cryptocurrency project reached a major milestone on February 20 when it launched its Open Network. This allowed exchanges to list the PI token and make it publicly accessible.

Nonetheless, Pi Network is far from solving all of its problems. For instance, many people have not completed the necessary Know-Your-Customer (KYC) verifications and mainnet migrations. Users had until February 28 to abide by the rules, but recently, the deadline was moved to March 14. 

“This extension especially helps Pioneers who have recently returned and want to reengage with the network now that Open Network is live, upholding Pi’s core objectives of inclusivity and fairness. Submit your KYC application and complete your Mainnet Checklist by 8:00 am UTC on March 14, 2025, to avoid any forfeiture,” the disclosure reads.

As usual, the community reacted to the news with mixed feelings. Some appreciated the extension so they could have additional time to complete the process, while others complained about the prolongation, describing the project as a scam.

ADA’s Price Swings

The cryptocurrency market experienced massive volatility in the past few days, with Cardano’s native token being among the most impacted. Its price skyrocketed to as high as $1.14 on March 3 after the US president Donald Trump confirmed the plans about the establishment of a strategic crypto reserve that will include ADA and other digital assets. 

Over the past several hours, though, the token erased much of its gains and currently trades at around $0.81 (per CoinGecko’s data). This is a consequence of the crypto market crash, which wiped out hundreds of billions of dollars in the last 24 hours. 

Some of the potential factors contributing to the negative performance of the sector are Trump’s trade tariffs which came into effect on March 4 and the escalating geopolitical tension between Ukraine and the USA. As reported by BBC, the world’s largest economy paused its military aid to the European country “to ensure that it is contributing to a solution.”

BTC Struggles, too

The primary cryptocurrency has also nosedived, witnessing a 9% decline on a 24-hour scale. It currently hovers at roughly $83,500, which is a huge pullback from the local top of almost $95,000 witnessed at the start of the business week.

While some industry participants believe the latest plunge might mark the end of the bull run, others remain optimistic that the asset is poised for a comeback. 

X user Captain Faibik suggested that BTC continues to trade within a “rising wedge” on the weekly timeframe. The analyst claimed that the price could reach $120,000 in the following months as long as it remains above the $75,700 support level. On the other hand, a fall below that range could lead to a retest of the $54,000-$55,000 zone. 

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