mehtabAhmad858
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As of July 2024, here's the latest information on **Pi Network** (Pi Coin):
### 1. **Current Status: Enclosed Mainnet Continues**
- Pi Network remains in its **Enclosed Mainnet phase**, which has been extended into 2024. This means Pi coins are not yet tradable on public exchanges, and the project is focused on building utilities and onboarding users through KYC (Know Your Customer) verification.
- The core team emphasizes that **Pi is not listed on major exchanges** (e.g., Binance, Coinbase), and any "prices" listed on third-party platforms reflect speculative IOU trading, not the official value.
### 2. **Key Updates**
- **KYC Progress**: The team continues to prioritize KYC verification for millions of users. Delays and technical issues persist, but they are critical for transitioning to an Open Mainnet.
- **Utility Development**: Pi Network is encouraging developers to build apps within its ecosystem (via the Pi Hackathon) to create real-world use cases for Pi coins.
- **Mining Updates**: Mobile mining rewards continue to decrease as the network grows, incentivizing user engagement through apps and referrals.
### 3. **Price Speculation**
- **No Official Valuation**: Pi has no market price yet, as it is not tradable. Unofficial IOU listings (e.g., on platforms like Huobi or BitMart) range from **$30 to $200 per Pi**, but these are highly speculative and risky.
- **Scam Alerts**: Beware of fake exchanges or websites claiming to sell Pi. The core team has repeatedly warned against such scams.
### 4. **Open Mainnet Timeline**
- The transition to **Open Mainnet** (when Pi becomes freely tradable) depends on meeting ecosystem milestones, including KYC completion, utility development, and regulatory compliance. No confirmed launch date has been announced.
#5. **Community Sentiment**
The Pi community remains divided, with some users optimistic about the project’s long-term potential and others frustrated by the prolonged waiting period and lack of transparency
As of July 2024, here's the latest information on **Pi Network** (Pi Coin):
### 1. **Current Status: Enclosed Mainnet Continues**
- Pi Network remains in its **Enclosed Mainnet phase**, which has been extended into 2024. This means Pi coins are not yet tradable on public exchanges, and the project is focused on building utilities and onboarding users through KYC (Know Your Customer) verification.
- The core team emphasizes that **Pi is not listed on major exchanges** (e.g., Binance, Coinbase), and any "prices" listed on third-party platforms reflect speculative IOU trading, not the official value.
### 2. **Key Updates**
- **KYC Progress**: The team continues to prioritize KYC verification for millions of users. Delays and technical issues persist, but they are critical for transitioning to an Open Mainnet.
- **Utility Development**: Pi Network is encouraging developers to build apps within its ecosystem (via the Pi Hackathon) to create real-world use cases for Pi coins.
- **Mining Updates**: Mobile mining rewards continue to decrease as the network grows, incentivizing user engagement through apps and referrals.
### 3. **Price Speculation**
- **No Official Valuation**: Pi has no market price yet, as it is not tradable. Unofficial IOU listings (e.g., on platforms like Huobi or BitMart) range from **$30 to $200 per Pi**, but these are highly speculative and risky.
- **Scam Alerts**: Beware of fake exchanges or websites claiming to sell Pi. The core team has repeatedly warned against such scams.
### 4. **Open Mainnet Timeline**
- The transition to **Open Mainnet** (when Pi becomes freely tradable) depends on meeting ecosystem milestones, including KYC completion, utility development, and regulatory compliance. No confirmed launch date has been announced.
#5. **Community Sentiment**
The Pi community remains divided, with some users optimistic about the project’s long-term potential and others frustrated by the prolonged waiting period and lack of transparency
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- **German Government Transfers**: Germany moved **~3,000 BTC** (worth ~$175 million) to exchanges like Kraken and Bitstamp this week, signaling potential sell pressure.
- **Institutional Inflows**: Despite short-term bearishness, BlackRock’s spot Bitcoin ETF (**IBIT**) saw **$1.8 billion in inflows** in June, reflecting continued institutional interest.
---
### **3. Technical Analysis**
- **Critical Support Level**: Bitcoin is testing the **200-day moving average (~$56,000)**. A sustained drop below this level could signal further downside.
- **Resistance**: Immediate resistance lies at **$58,000**, with stronger resistance at **$60,000**.
---
### **4. Macro Factors**
- **Fed Rate Cuts**: Markets now price in a ~75% chance of a September 2024 rate cut by the U.S. Federal Reserve, which could boost risk assets like Bitcoin.
- **Dollar Strength**: The DXY (U.S. Dollar Index) remains near multi-month highs, weighing on crypto prices.
---
### **5. Regulatory Updates**
- **SEC Closes Ethereum Probe**: The SEC ended its investigation into Ethereum, signaling potential regulatory clarity for ETH and indirectly benefiting BTC.
- **Global Adoption**: Argentina’s government recently passed pro-Bitcoin legislation, allowing BTC for contracts and payments.
---
### **6. Market Sentiment**
- **Fear & Greed Index**: **30/100** ("Fear") as traders brace for volatility.
- **Long-Term Holders**: ~70% of Bitcoin hasn’t moved in a year, indicating strong hodler conviction despite short-term uncertainty.
---
### **What to Watch Next**
- **Mt. Gox Sell-Off Risk**: Will creditors dump BTC, or hold?
- **U.S. CPI Data (July 11)**: Inflation figures could sway Fed policy expectations.
- **U.S. Election**: Crypto regulation is a key topic for Trump and Biden campaigns.
---
For real-time updates, check platforms like **CoinGecko**, **CoinMarketCap**, or trading apps. Always DYOR (do your own research) before making financial decisions! 🚨$BTC
- **German Government Transfers**: Germany moved **~3,000 BTC** (worth ~$175 million) to exchanges like Kraken and Bitstamp this week, signaling potential sell pressure.
- **Institutional Inflows**: Despite short-term bearishness, BlackRock’s spot Bitcoin ETF (**IBIT**) saw **$1.8 billion in inflows** in June, reflecting continued institutional interest.
---
### **3. Technical Analysis**
- **Critical Support Level**: Bitcoin is testing the **200-day moving average (~$56,000)**. A sustained drop below this level could signal further downside.
- **Resistance**: Immediate resistance lies at **$58,000**, with stronger resistance at **$60,000**.
---
### **4. Macro Factors**
- **Fed Rate Cuts**: Markets now price in a ~75% chance of a September 2024 rate cut by the U.S. Federal Reserve, which could boost risk assets like Bitcoin.
- **Dollar Strength**: The DXY (U.S. Dollar Index) remains near multi-month highs, weighing on crypto prices.
---
### **5. Regulatory Updates**
- **SEC Closes Ethereum Probe**: The SEC ended its investigation into Ethereum, signaling potential regulatory clarity for ETH and indirectly benefiting BTC.
- **Global Adoption**: Argentina’s government recently passed pro-Bitcoin legislation, allowing BTC for contracts and payments.
---
### **6. Market Sentiment**
- **Fear & Greed Index**: **30/100** ("Fear") as traders brace for volatility.
- **Long-Term Holders**: ~70% of Bitcoin hasn’t moved in a year, indicating strong hodler conviction despite short-term uncertainty.
---
### **What to Watch Next**
- **Mt. Gox Sell-Off Risk**: Will creditors dump BTC, or hold?
- **U.S. CPI Data (July 11)**: Inflation figures could sway Fed policy expectations.
- **U.S. Election**: Crypto regulation is a key topic for Trump and Biden campaigns.
---
For real-time updates, check platforms like **CoinGecko**, **CoinMarketCap**, or trading apps. Always DYOR (do your own research) before making financial decisions! 🚨$BTC
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