Last week, Satoshi Nakamoto, the unknown person who created Bitcoin (BTC), became the 11th richest person globally. Satoshi Bitcoin wealth hit $120 billion, thanks to the value of BTC they still hold. Satoshi Bitcoin Wealth Could Overtake Buffett and Zuckerberg’s Fortune Soon However, Bloomberg analyst Eric Balchunas pointed out that if Bitcoin grows by its usual 50% this year, Satoshi could soon pass billionaires like Warren Buffett. Next year, they might even catch up to Mark Zuckerberg, though Elon Musk still leads with a huge fortune. The idea of Satoshi Bitcoin wealth is mind-blowing because no one knows who they are. Unlike most rich people, Satoshi has never spent a single Bitcoin since creating the digital currency years ago. This reminds some of Jack Bogle, the man who started a famous investment company and left a lasting impact without cashing out big. The mystery around Satoshi adds to the excitement,… Read More at Coingape.com
Pi Network price is at a pivotal point amid a reduction in Pi Coin mining activity. Miners are capitulating at a time when Pi Coin price is struggling to regain its bullish momentum. As mining activity drops and miners and bearish headwinds from economic uncertainty intensify, can the Pi network token recover, or should traders brace for more declines? Let’s explore.
Pi Network Price Analysis as Miners Capitulate
Pi Network price trades at $0.603 today with a slight 1.8% gain in 24 hours. These gains follow a modest recovery across the broader crypto market, as Bitcoin price rebounded above $82,000.
Analysts have now stated that Pi Network miners are giving up. One noted that they are likely capitulating because the already mined coins have not been moved to their wallets. He stated,
Pi Coin Mining
Miners are crucial to price stability and performance. If these stakeholders are exiting the network, it might fail to bode well for Pi Network price, as it shows reduced confidence in the future performance of this altcoin.
At the same time, reduced mining activity could be a double-edged sword. This decline may spark a decline in the supply, which could be bullish for Pi Coin price.
Pi Network Price Tracks Bitcoin
Dr Altcoin believes that supply and mining activity will not be the only factor that will shape the Pi Network price forecast. He observed that Pi Coin has been tracking Bitcoin price, and would continue to do so until there is a surge in utility.
PI/BTC Chart
A previous Coingape article reported that Pi Coin’s usage is rising across the Asian market. This is after the token was adopted as a means of payment by a skincare brand in South Korea.
Strategic partnership deals like the one with Banxa and Zito Realty in the US might also be a catalyst for Pi Coin price recovery.
Pi Network Technical Analysis
On the lower timeframe, Pi Network price is flashing bullish signs that hint toward possible recovery in the near term. The RSI has recorded a steady rise to 60 at press time, suggesting that bullish momentum is in play.
The AO histogram bars also show that bulls are gaining strength. These bars are rising as buying activity builds, which indicates that the uptrend is gaining strength.
For the Pi Network token to maintain the upward momentum, it first needs to flip the resistance level at $0.63. This will pave the way for an uptrend to $0.80.
PI/USDT: 2-Hour Chart
Therefore, the Pi Network price is at a pivotal point, with the reduced mining activity suggesting that crucial stakeholders are losing confidence. However, the 2-hour price chart hints at a possible recovery if Pi Coin can overcome resistance at $0.64 and possibly reach $1.
XRP’s price has declined significantly over the past week. The token currently trades at a seven-day low of $2.09, and key indicators suggest that the downtrend may continue in the near term.
Market data shows a steady rise in the demand for short positions. This trend reveals growing trader confidence in further downside movement, with short sellers increasing their exposure in anticipation of the XRP token’s continued weakness.
XRP Faces Prolonged Sell Pressure
XRP’s long/short ratio reflects the bearish bias dominating its futures market. At press time, the ratio stands at 0.98, indicating more traders are betting against the altcoin.
This ratio compares the number of long and short positions in a market. When an asset’s long/short ratio is above 1, there are more long than short positions, indicating that traders are predominantly betting on a price increase.
Conversely, as seen with XRP, a ratio below one indicates that most traders are positioning for a price drop. This reflects heightened bearish sentiment and growing expectations of continued downside movements.
According to Coinglass, XRP last recorded a long/short ratio above one on April 22. This means it has been over two weeks since bullish positions outnumbered bearish ones in the XRP futures market. The extended period of bearish dominance suggests that market participants have grown increasingly pessimistic about XRP’s short-term prospects.
On the daily chart, the newly formed “death cross” by XRP’s Moving Average Convergence Divergence (MACD) indicator supports this bearish outlook. Readings from the XRP/USD one-day chart have revealed that XRP’s MACD line (blue) closed below its signal line (orange) on Monday, forming a death cross.
This pattern is a notable marker of a sustained downtrend and is widely viewed by traders as a sign of weakening price strength. Hence, XRP risks plummeting further.
XRP Holds Key Support at $2.09 — But for How Long?
XRP currently trades at $2.10, resting above the support formed at $2.03. If selloffs strengthen, the support floor could weaken, making way for a price decline toward $1.61.
The ongoing meme coin crash is wreaking havoc across top tokens. Dogecoin (DOGE), Shiba Inu (SHIB), and the TRUMP meme coin all recorded steep losses in the last 24 hours. The broader crypto market selloff appears to be triggering a wave of volatility, with meme coins being hit the hardest. While this drop is part of the overall crypto market shakeout during this period, profit-taking traders look to make the most of it as most bearish metrics appear temporary. Meme Coin Crash Hits TRUMP, Dogecoin and Shiba Inu The latest slump in top meme coins has rattled the market. The Trump token led the decline, plunging 13.34% to $12.42. Before crashing, the TRUMP Token was pulling all-time high traffic with the US President making headlines on his tour in the Middle East The TRUMP token drop signals heavy speculation with over $625 million in 24-hour trading volume. Meanwhile, Dogecoin price… Read More at Coingape.com
