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šØ Pi Network Price Overview and Market Sentiment šØ
Pi Network's price is currently at $61.50, reflecting an 18.6% increase in the past 24 hours. Despite this recent uptick, it remains well below its all-time high of $299.20 from December 2022. The Fear & Greed Index is at 46, signaling a sense of caution in the market, even though there's a prevailing bullish sentiment. This indicates that while some investors remain optimistic, there is still fear and uncertainty surrounding Pi Networkās future performance.
The token currently lacks a defined market cap and dominance, suggesting that its place in the broader cryptocurrency market remains uncertain. The price has fluctuated between a low of $17.04 in May 2023 and a high of $130.88 since the all-time peak, showing significant volatility. While the recent gains may be driven by excitement or news, caution is still urged due to the fear reflected in the market sentiment.
**Pakistani Rupee Briefly Strengthens to 140 PKR/USD on February 3, 2025**
On the night of February 3, 2025, the Pakistani Rupee (PKR) saw an unexpected and sharp appreciation, briefly trading at 140 PKR per US Dollar (USD). This was a significant departure from the usual exchange rate of around 279 PKR/USD.
### Factors Behind the Sudden Appreciation
**Market Speculation:** Currency markets are highly sensitive to speculative activities. Rumors or expectations of favorable economic developments may have driven traders to purchase large amounts of PKR, pushing up its value.
**Government Intervention:** The State Bank of Pakistan (SBP) may have taken measures to temporarily strengthen the PKR, such as adjusting interest rates or purchasing the currency directly to stabilize its value.
**Technical Error or Data Glitch:** Occasional technical issues or misreported data on trading platforms can lead to sudden and temporary mispricing of currencies.
### Implications of the Brief Spike
**Investor Confidence:** Such abrupt fluctuations can create uncertainty, impacting investors' trust in the market's stability.
**Trade and Commerce:** A stronger PKR makes imports more affordable and exports less competitive. Even a short-lived change can disrupt pricing and trade agreements.
### Conclusion Despite its notable surge to 140 PKR/USD, the appreciation was short-lived. The exchange rate soon returned to typical levels, highlighting the influence of market dynamics, potential regulatory actions, and possible technical mishaps on currency valuations.
I want to share a cautionary tale about my recent experience with the $TRUMP meme coin. Believing it to be a promising investment, I invested my hard-earned money and tuition fees, only to witness its value plummet shortly after.
Launched on January 17, 2025, the $TRUMP coin initially surged, reaching a peak market value of over $14.5 billion. However, this rapid ascent was followed by a steep decline, with the coin losing two-thirds of its value in less than two weeks. Entities behind the coin generated nearly $100 million in trading fees during this period, primarily at the expense of small traders like myself. ļæ¼
Despite endorsements and promotions, including from President Donald Trump himself, the coinās value continued to fall. Trumpās attempt to boost interest via his Truth Social account did little to halt the decline. ļæ¼
The volatility of the cryptocurrency market, exacerbated by external factors such as tariff threats, further contributed to the downturn. Cryptocurrency prices fell sharply following President Trumpās announcement of new tariffs on goods from Canada, Mexico, and China, affecting various coins, including his own meme coin. ļæ¼
This experience has been a harsh lesson in the unpredictable nature of meme coins and the importance of thorough research before investing. I hope others can learn from my mistake and approach such investments with caution. #trumpcoin #tarrifs #Dip #losses
Utah is on course to become the first US state with a Bitcoin reserve due to its fast-track legislation and year-round crypto task group.
Utah might become the first US state to create a Bitcoin reserve due to its fast-moving 45-day legislative timetable. Utah is ahead of other states in state Bitcoin adoption due to this short timeline, which forces politicians to act swiftly.
According to Satoshi Action Fund CEO Dennis Porter, Utah's digital asset task force gives it an edge in this battle. This task group plans and strategizes year-round, unlike the legislature. When the legislative calendar restarts, these pre-planned activities accelerate.
Several US states are proposing Bitcoin reserves. Though his executive order failed, former President Trump supported a national reserve. Porter believes Utah leads the field in reserve establishment despite increased state-federal rivalry.
āThereās a strong chance Utah will be the first,ā he told Senator Cynthia Lummis. Their 45-day legislative timetable is the shortest in the nation. The race is all-or-nothing, and no other state has the same political momentum.ā
Wyoming senator Lummis, a major crypto legislator, concurred. Wyoming has regulated digital assets, but she said Utah is most suited to start a Bitcoin reserve first.
Several considerations support this. Utah legislators submitted a Bitcoin reserve legislation in late January, and it passed committee in little over a week, quicker than other states.
Utah has established a digital asset task committee since 2022, facilitating crypto policy development. This work team keeps policymakers ahead during brief legislative sessions. Utah is perfect for a state-backed Bitcoin reserve due to its pro-crypto attitude and efficient regulatory system.
Utah might finish this plan soon with increased backing and political activity. The endeavor is considered as a promising omen for Bitcoin's future, despite market volatility.
The crypto market is experiencing a sharp drop today, leaving many investors concerned. The main reason? Fear of a global trade war between major countries like the U.S., China, Mexico, and Canada. Letās break it down in simple terms.
š„ Trade War Fears š„
The U.S. government has announced new taxes (tariffs) on goods from China, Mexico, and Canada. This is making investors nervous because trade wars can slow down economies and create uncertainty in financial markets. When investors panic, they sell off risky assets like crypto.
š° Investors Playing It Safe
In uncertain times, investors donāt like taking risks. Instead of holding onto crypto, they are shifting their money into safer assets like: ā Gold (a traditional safe-haven investment) ā Government bonds (stable and secure)
This huge sell-off in crypto is causing prices to crash.
š Bitcoin and Ethereum Prices Drop
š» Bitcoin has fallen 4%, hitting a three-week low of $96,606. š» Ethereum has dropped a massive 12%, wiping out billions in value. š» Other cryptocurrencies are also crashing, making the entire market weak.
šØ Big Losses for Traders šØ
Many crypto traders borrow money to invest (this is called leverage). When prices crash, they must sell their holdings, creating even bigger losses.
šø Over $700 million in crypto has been liquidated in the last 24 hours. šø More than 250,000 traders have been affected. šø The biggest single loss? A massive $11.84 million Ethereum trade.
š® What Happens Next?
The future of crypto is uncertain right now. Hereās what could happen next: ā If trade tensions ease ā Crypto prices may recover soon. ā If the trade war worsens ā Prices could stay low for weeks or months.
Investors are watching closely to see what happens next.
š¬ Do you think crypto will recover soon? Let me know your thoughts! š
š„BREAKING: Crypto scammer Malone Lam, who stole over $200M, wonāt face prison after all. Instead, heāll serve two years of community service and work on MicroStrategyās cybersecurity team as part of his deal.
As of now, there is no credible information supporting the claim that Malone Lam, accused of orchestrating a $230 million cryptocurrency theft, has avoided prison and is set to serve two years of community service while working on MicroStrategy's cybersecurity team. According to the U.S. Department of Justice, Lam has been indicted and is facing charges for conspiracy to steal and launder over $230 million in cryptocurrency. He appeared in a U.S. court and has requested a speedy trial. There is no official information regarding any plea deals or sentencing arrangements involving community service or employment with MicroStrategy.
š„ $BEL Struggling to Hold Gains ā Short Opportunity?
BEL has seen a 1.93% rise but is facing strong resistance near $0.80. If it fails to break this level, a pullback toward $0.72 or lower could be in play.
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š Short Setup
Entry Zone: $0.78 - $0.80
Target 1: $0.75
Target 2: $0.72
Stop-Loss: $0.815
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š Market Insights & Action Plan
BELās recent pump met resistance near $0.80, indicating a potential rejection zone. If price action confirms weakness, we could see a retracement toward key support at $0.72.
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š§ Pro Tip
Watch for a bearish rejection candle around $0.80 before entering. A clean break above $0.815 invalidates the short setup!
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š¬ Do you see BEL dropping back below $0.75? Let me know in the comments! Like & follow for more sharp trade setups! šš„ $BEL
Dog-themed memecoins DOGE and SHIB fall, losing $90 million
After plunging over 10% the day before, Dogecoin and Shiba Inu prices fell again on Monday.
Dog memecoins liquidated almost $90 million leveraged traders in 24 hours.
With both memecoins' momentum indicators pointing down, the downleg may continue.
After dropping over 10% the day before, Dogecoin (DOGE) and Shiba Inu (SHIB) values fell again on Monday. This decline has liquidated nearly $90 million in dog-themed memecoins in 24 hours. Both memecoin momentum indicators are negative, indicating a further drop.
Massive wipeout for dog memecoin traders DOGE and SHIB, dog-themed memecoins, fell about 17% in two days. On Monday, the currencies continued their double-digit falls, unleashing a wave of liquidations that totaled over $90 million and $80.91 million in DOGE, according to CoinGlass.
Huge liquidations like these might drive dog theme-based memecoin investors to fear, uncertainty, and doubt (FUD) and increase selling pressure, lowering prices.
Bears lead Dogecoin price forecast
Dogecoin pricing rejected its 61.8% Fibonacci retracement barrier at $0.40 on January 21 (drawn from the December 8 high of $0.48 to the December 20 low of $0.26) and fell 27.80% in the following 10 days, ending below its 200-day EMA at $0.31 on Saturday. Monday's trading price is 13.4% lower, about $0.23.
DOGE may challenge its weekly support at $0.18 if it keeps falling.
Shiba Inu Forecast: Bears target $0.000010.
On January 24, Shiba Inu price broke and closed below its upward trend (derived from connecting several lows since August 5) and fell 22.22% in the following eight days, falling below $0.000016 on Sunday. It's down 11.61% to $0.000013 as of Monday.
SHIB may test the August 5 low of $0.000010 if it continues its decline.