Crypto Market Bloodbath: Why Pi Network, Pepe, and Ethena Are Crashing
The global crypto market witnessed a massive correction on Thursday, wiping out over 5.7% in total value and dragging the market cap down to $2.6 trillion. Major coins like Bitcoin, Ethereum, and several altcoins slumped, triggering widespread panic.
Among the biggest losers were Pi Network, Pepe, and Ethena — each suffering double-digit losses. Pi Network hit a new all-time low of $0.56, crashing more than 80% from its February highs. Meme coin Pepe slid by 17%, and Ethena (ENA) nosedived 18%, joining other struggling altcoins like Bonk, Hyperliquid, and Jito, which all dropped over 15%.
What's Behind the Crash?
The crypto collapse closely followed rising fears of a potential U.S. recession. According to Polymarket, the odds of a recession spiked to 70%, while financial giants like MetLife, Goldman Sachs, and PIMCO raised their predictions to between 35%-40%.
Markets were further rattled by Donald Trump's aggressive tariff announcement. His plan to impose sweeping tariffs on all imports has been dubbed a "black swan" event by analysts, warning it could trigger a global economic shift. In retaliation, countries like Canada have already slapped a 25% tariff on U.S. vehicles, hinting at a brewing trade war.
As fear gripped financial markets, U.S. equities tumbled. The Dow Jones fell 1,200 points, the Nasdaq 100 dropped 200, and the S&P 500 lost 815 points. Meanwhile, the Crypto Fear & Greed Index plunged to 24, signaling extreme fear, and CNN’s traditional fear index fell to just 11.
Could a Bounce Be Next?
Interestingly, historical data suggests that extreme fear often precedes a bull run. The last time investor sentiment was this negative was March 2020 during the COVID-19 pandemic — right before a historic market rally began, fueled by central bank intervention.
If the panic selling cools off, there’s potential for a rebound in Bitcoin, Pi Network, Pepe, Ethena, and other beaten-down altcoins.
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