Pi coin stirs ETF buzz as price wavers below $1
Listen to article
Crypto's Pi Network coin (PI) has remained flat over the past week, trading at approximately $0.63, following a sharp 80% decline from its February post-mainnet launch peak of $3.
Despite a recent bullish breakout to $0.7860, PI has since retreated, raising questions about its future trajectory and potential exchange-traded fund (ETF) ambitions.
Analysts note that PI had previously formed a falling wedge pattern—a typically bullish signal—followed by a temporary price surge.
However, the coin now exhibits a bearish head-and-shoulders pattern and is trading below the 50-period moving average.
Technical indicators suggest PI may drop to this month's low of $0.40 unless it confirms a double-bottom rebound at $0.6040.
A breakout from that pattern could push the price toward the $1 psychological level.
Pi Network, known for its mobile-first mining model, has garnered a large and enthusiastic global following, particularly in countries like Nigeria, India, and Vietnam.
This fervent community has started calling for a Pi Coin Exchange-Traded Fund (ETF), following recent approvals of Bitcoin and Ethereum ETFs and speculation about a potential XRP ETF.
Despite the buzz, there are currently no official plans for a PI ETF.
Regulatory hurdles remain significant, with the SEC's strict criteria for ETF approval, including market maturity and trading volume, still unmet by Pi Network.
The conversation around a potential PI ETF reflects the growing optimism in the crypto market amid a more favorable regulatory climate under President Trump.
However, financial experts caution that enthusiasm alone may not be enough to overcome the substantial regulatory barriers ahead.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
29 minutes ago
- Business Recorder
Asia's factory activity shrinks in May as US tariffs bite
TOKYO: Asia's factory activity shrank in May as soft demand in China and the impact of US tariffs took a heavy toll on companies, private surveys showed on Monday, highlighting the darkening outlook for the once fast-growing region. Trade-reliant Japan and South Korea continued to see manufacturing activity contract in May as US President Donald Trump's automobile tariffs cloud the outlook for exports. Adding to the gloom, an official survey on Saturday showed China's manufacturing activity shrank in May for a second month in a sign of weakness in the world's second-largest economy. With many Asian economies making little progress in trade negotiations with the US, uncertainty will likely keep companies from boosting production or spending, analysts said. 'It's hard to expect a pick-up in Asia's manufacturing activity any time soon with countries in the region slapped with quite high 'reciprocal' tariffs,' said Toru Nishihama, chief emerging market economist at Dai-ichi Life Research Institute. 'With domestic demand weak, China is flooding Asia with cheap exports, which is also putting deflationary pressure on the region's economies,' he said. Japan's final au Jibun Bank Manufacturing Purchasing Managers' Index (PMI) stood at 49.4 in May, up from April but staying below the 50.0 line that indicates contraction for the 11th successive month, a private survey showed on Monday. The PMI for South Korea, Asia's fourth-largest economy, stood at 47.7 in May, also staying below the 50 mark for a fourth month due to frail demand and the hit from US tariffs, a survey by S&P Global showed. Both Japan and South Korea saw their economies contract in the first quarter, as Trump's tariffs and uncertainty over US trade policy weighed on exports and corporate activity. There is little sign conditions will improve. On Friday, Trump said China had violated a two-way deal to scale back tariffs, whereas China contended it had maintained communication on trade with the United States. Trump also announced a doubling of worldwide steel and aluminium tariffs to 50%, once again rattling international trade. Japan and the US on Friday agreed to hold another round of trade talks ahead of the G7 summit in June, but Japan's top tariff negotiator said no deal would be reached without concessions on all US tariffs, including on automobiles. Vietnam, Indonesia and Taiwan also saw factory activity contract in May, private surveys showed.
Business Recorder
35 minutes ago
- Business Recorder
US dollar slips as tariff worries resurface
NEW YORK: The US dollar slipped across the board on Monday, giving up the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. The US currency fell after Trump said on Friday that he planned to double duties on imported steel and aluminum to 50% from Wednesday, and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. China's Commerce Ministry said on Monday the charges were 'groundless,' and promised to take unspecified forceful measures to safeguard its interests. Treasury Secretary Scott Bessent said on Sunday Trump and Chinese President Xi Jinping were likely to have a call soon, and 'this will be ironed out.' Michael Brown, market analyst at online broker Pepperstone in London, noted that the selling pressure on the dollar was broad-based. 'Any time we see a resurgence in tariff concerns, everyone begins to pile back into the 'sell America' trade once more,' Brown said. The dollar dropped nearly 1% to 142.60 yen, nearly wiping out its gain against the Japanese currency last week. The euro rose 0.8% to $1.1437 - its highest since late April. Later in the week, focus will be on the European Central Bank's interest rate decision and subsequent outlook. The dollar extended its losses on Monday after data showed US manufacturing contracted for a third straight month in May and suppliers took longer to deliver inputs amid tariffs, potentially signalling looming shortages of some goods. Earlier in the session, data showed European manufacturing took another step towards stabilisation in May, but Asian factory activity declined. The dollar index, which measures its performance against six other major currencies, eased 0.7% and at 98.63 was just shy of the three-year low of 97.923 touched in late April. The US currency has been whipsawed for weeks by Trump's on-again-off-again trade war, and investors have been questioning the currency's safe-haven status as a flare-up in tensions stokes worries of a potential US recession. Last week, the dollar got some respite, rising 0.3% after trade talks with the European Union got back on track and a US trade court blocked the bulk of Trump's tariffs on the grounds that he overstepped his authority. An appeals court reinstated the duties a day later, and Trump's administration said it had other avenues to implement them if it loses in court, but many analysts said it showed there were still checks in place on the president's power. Fiscal worries have also given rise to a broad 'sell America' theme that has seen dollar assets from stocks to Treasury bonds dropping in recent months. Those concerns come into sharp focus this week as the Senate starts considering the administration's tax cut and spending bill, estimated to add $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade. The fate of section 899 of the bill could be crucial, according to Barclays analysts. 'S899 would give the US free rein to tax companies and investors from countries deemed to have 'unfair foreign taxes' (and) could be seen as a tax on the US capital account at a time when investor nervousness towards US assets has grown,' they said in a research report.
Express Tribune
3 hours ago
- Express Tribune
Iran poised to dismiss US nuclear proposal
Iran is poised to reject a US proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, dismissing it as a "non-starter" that fails to address Tehran's interests or soften Washington's stance on uranium enrichment. "Iran is drafting a negative response to the US proposal, which could be interpreted as a rejection of the US offer", the senior diplomat, who is close to Iran's negotiating team, told Reuters. The US proposal for a new nuclear deal was presented to Iran on Saturday by Omani Foreign Minister Sayyid Badr Albusaidi, who was on a short visit to Tehran and has been mediating talks between Tehran and Washington. After five rounds of discussions between Iranian Foreign Minister Abbas Araqchi and President Donald Trump's Middle East envoy Steve Witkoff, several obstacles remain. Among them are Iran's rejection of a US demand that it commit to scrapping uranium enrichment and its refusal to ship abroad its entire existing stockpile of highly enriched uranium -- possible raw material for nuclear bombs. Tehran says it wants to master nuclear technology for peaceful purposes and has long denied accusations by Western powers that it is seeking to develop nuclear weapons. "In this proposal, the US stance on enrichment on Iranian soil remains unchanged, and there is no clear explanation regarding the lifting of sanctions," said the diplomat, who declined to be identified due to the sensitivity of the matter. Araqchi said Tehran would formally respond to the proposal soon. The US State Department declined to comment. Tehran demands the immediate removal of all US-imposed curbs that impair its oil-based economy. But the US says nuclear-related sanctions should be removed in phases. Dozens of institutions vital to Iran's economy, including its central bank and national oil company, have been blacklisted since 2018 for, according to Washington, "supporting terrorism or weapons proliferation". Trump's revival of "maximum pressure" against Tehran since his return to the White House in January has included tightening sanctions and threatening to bomb Iran if the negotiations yield no deal. During his first term in 2018, Trump ditched Tehran's 2015 nuclear pact with six powers and reimposed sanctions that have crippled Iran's economy. Iran responded by escalating enrichment far beyond the pact's limits. Reuters
