Pi Coin is currently undergoing significant challenges, with its value plummeting from a recent high of $3 to around $0.62. This drastic decline is attributed to a lack of supportive influences and the withdrawal of backing from key exchanges, raising alarms within the investment community.
The BitMart exchange suspended all transactions involving Pi Coin last month and has not issued any updates since. Sources indicate that the exchange is waiting for Know Your Business (KYB) approval from the Pi Core Team, without which the anticipated one-to-one exchange ratio cannot be realized for investors.
Frustration among community members is escalating. Notable crypto commentator Dr. Altcoin has publicly questioned the status of Pi withdrawals from BitMart, with no concrete timelines available for a resolution.
Banxa Withdraws Support, Yet Huobi Sparks Optimism
In another blow to Pi Coin, Banxa has ceased transactions for purchasing the cryptocurrency on its platform, further exerting downward pressure on its price. No clear rationale has been provided for this decision, contributing to investor unease.
Conversely, Huobi has recently hinted at positive developments regarding Pi Coin through social media, encouraging investors to maintain their holdings. This could signify potential future opportunities or listings, which are crucial for boosting interest and prices.
The upcoming Consensus 2025 event also holds promise for Pi Coin, where founder Nicolas Kokkalis is set to speak. This event may provide critical insights and announcements that could help restore confidence in the project.
Despite these flickers of hope, Pi Coin remains unlisted on major exchanges like Binance, Coinbase, or Kraken. This absence limits accessibility and diminishes investor interest, and ongoing failures to secure listings may prolong the current downward trend. Specific outcomes could include:
- Increased pressure on Pi’s price due to exchange limitations.
- Potential for recovery if positive news emerges from Huobi or Consensus 2025.
- Investor patience is wearing thin, with urgent calls for action from the project team.
The landscape for Pi Coin remains precarious, with uncertainty lingering for its holders as they await crucial developments that could alter its trajectory.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/will-pi-coin-recover-from-recent-setbacks