Bitcoin Crashes Over 5%, But This Crypto Just Shot Up 200%

Bitcoin Price Drop: After crossing the $100k price mark, the cryptocurrency has shed some gains. In the last week, Bitcoin's price has declined by over 16%, hovering around $81,000.

The recent Bybit (a cryptocurrency trading firm) incident, wherein hackers reportedly stole around $1.5 billion worth of digital currency has weighed heavily on investor sentiment. Some have also called it the 'biggest crypto theft in history.' While the founder has assured its user base that their funds remain protected and refunds will be provided to those affected, the confidence in crypto has surely taken a hit.

Post the theft, the price of Ethereum has dropped by more than 22%. It is worth mentioning that Bybit was not just any random crypto trading platform as it had strong investor backing. US President Donald Trump and Peter Thiel, former Paypal chief were reportedly some of its early investors. Besides this, the sharp drop in consumer confidence to 98.3, the steepest decline since late 2021, has also weighed on overall sentiment.

Bitcoin's price has taken a big hit as uncertainty looms over potential trade wars, thanks to Trump's tariff call, coupled with this year's sky-high cryptocurrency rally. However, there is another digital currency steadily gaining momentum.

Pi Network

Pi Coin has surged by more than 250% since its listing on several crypto exchanges, including Bitget and CoinDCX, on February 20. In less than a week, Pi has delivered multibagger gains with expectations of a higher rally gaining momentum ahead.

Interestingly, Pi's surge has surpassed that of mature cryptocurrencies in the digital space like Ethereum and Bitcoin. Since its Open main net launch, the process wherein the blockchain is entirely decentralised and available for public trading, Pi's price has surged over $2.4. However, concerns continue to loom as some investors are viewing the recent rally as mere speculation. While the cryptocurrency is already done with the listing process on major exchanges around the world, Binance is yet to make a decision on the same.

Some critics have also described Pi as a mere example of a pyramid scheme as its structure lacks transparency and the sudden hype seems too good to be true. However, for crypto-lovers, confidence continues to stay sky-high.