Ethereum ETFs Buy $1 Billion in ETH as Price Nears ATH

Pi Network has recently witnessed a 12% price rally, briefly reaching $0.65 during intra-day trading, only to fall back down to $0.61. Despite this uptick, the altcoin has struggled to break free from consolidation, as weak investor sentiment continues to weigh heavily on its price.

A glimmer of hope comes from an ecosystem announcement scheduled for May 14, which could offer some positive news and potentially trigger a more substantial rally.

Pi Network Is Losing Investor Interest

Investor sentiment surrounding Pi Network has been weak for the past month, with little to no interest from the broader market. This lack of enthusiasm has hindered the altcoin’s ability to break free from consolidation and achieve a sustained price increase.

This investor apathy has created a significant challenge for Pi Network, as it lacks the backing needed to push its price higher. While the market has shown some bullish tendencies, especially following the US Federal Reserve’s decision to keep interest rates unchanged, Pi Network has struggled to translate this into sustained momentum. 

The overall macro momentum of Pi Network shows mixed signals. On the one hand, the MACD (Moving Average Convergence Divergence) indicator barely exhibits bullishness, with the histogram showing small green bars. While this suggests slight positive momentum, it is not enough to trigger a rally. 

This indicates that the market’s broader bullish cues are preventing a bearish crossover, helping to keep Pi Network’s price afloat despite investor hesitation. However, the lack of strong bullish signals from the MACD means that Pi Network is still struggling to gain significant upward traction.

PI Price Can’t Catch A Break

Pi Network’s price grew by 12% over the last 24 hours, briefly reaching $0.65 before falling back to $0.61. This uptick was fueled by broader market bullishness following the US Federal Reserve’s decision to keep interest rates unchanged. However, the altcoin has struggled to maintain its gains, indicating a lack of strong support from investors to push the price higher.

Pi Network continues to consolidate, stuck between $0.61 and $0.57. This ongoing range-bound movement suggests that the altcoin lacks sufficient momentum to break out of its consolidation phase. The price will likely continue moving within this range unless both market and investor support are bolstered, which remains uncertain at this point.

On the other hand, Pi Network could invalidate the bearish outlook if it secures $0.61 as support and begins to rise towards $0.71. Successfully breaching $0.71 could instill confidence in investors, potentially triggering a more substantial rally. However, without a clear shift in sentiment, the price may continue to struggle.

The post Pi Price Soars 12% in 24 Hours Ahead of Major Ecosystem Announcement appeared first on BeInCrypto.

US President Donald Trump announced plans to impose a 50% tariff on all goods imported from the European Union, effective from June 1. The announcement has caused some nervousness in the crypto market, as earlier bullish momentum has corrected. 

The proposed tariffs come in response to what Trump described as persistent trade imbalances and regulatory barriers. He accused the EU of maintaining unfair trade practices that have harmed US businesses.

Long-Short Ratio Shows Market Confusion

Bitcoin dropped to $108,000 following the announcement, down from a session high of $111,000. It has since recovered to around $109,000 but remains under pressure. The overall crypto market is down 4% over the past 24 hours.

Data from Coinglass shows $64.13 million in crypto liquidations over the last four hours. Long positions accounted for $34.05 million, while short positions made up $30.09 million. 

Bitcoin alone saw $24.4 million in liquidations, with Ethereum at $15.16 million.

Meanwhile, Bitcoin’s long-short ratio remains almost equal, which shows a short-term uncertainty in the market’s direction. Yesterday, Bitcoin long positions dominated the charts at 54%. 

Solana, XRP, and several altcoins also experienced sharp volatility, reflecting heightened volatility across the board. 

Most altcoins saw a greater wipeout in long positions, suggesting retail traders were caught off guard by the sudden policy shift.

Rising concern over macro volatility

The US-China trade deal earlier this month provided a much-needed boost to the crypto market. It was an indication that the macroeconomic uncertainty might be priced in. However, Trump’s EU threats have injected renewed concerns. 

Analysts warn that the tariff announcement could be the start of broader economic disruption. European stock indices fell sharply, and US tech shares also faced selling pressure. 

In crypto, the liquidation heatmap reflects a market caught between downward fear and upward retracement attempts.

The situation is fluid. If the tariff threat escalates into a full trade dispute, risk assets, including cryptocurrencies, may face additional headwinds. Traders are watching closely for any EU response or signs of negotiation.

In the past 24 hours, 162,419 traders were liquidated, totaling $567.65 million. While crypto has often acted as a hedge during traditional market stress, today’s moves show it is not immune to global policy shocks.

Volatility may persist as geopolitical uncertainty mounts.

The post Trump’s EU Tariff Threat Leads to Sharp Correction in the Crypto Market  appeared first on BeInCrypto.