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Pi coin fell 2% to below Rs 0.60 on Monday. Banxa got KYB approval, enabling Pi purchases in 100+ countries. Pi coin dropped 80% from its peak, raising legitimacy concerns.
Pi Network is a Web3 blockchain project that allows users to mine the cryptocurrency on mobile phones, unlike Bitcoin that requires expensive mining equipment.
Pi coin price fell up to 2 per cent to below Rs 0.60 per coin on Monday after gaining marginally. In the past 24 hours, the market cap of the hot cryptocurrency dropped by 1 per cent to $4.15 billion.
The cryptocurrency saw a volatility in the past seven days by dropping 5 per cent. Over the period, it saw a brief rebound when the price hit 0.62 per coin-mark before falling sequentially.
What’s The Development?
Banxa has now received KYB approval, marking a significant milestone for the Pi Network and its global community. With this approval, people in over 100 countries can now instantly buy Pi using cash through Banxa. This development improves accessibility and is expected to increase Pi Network adoption.
Banxa had recently paused Pi transactions. During this time, it was believed Banxa had amassed millions of Pi at low prices, suggesting they planned to resume once regulatory approval was secured.
Banxa’s KYB approval means that individuals in over 100 countries can easily purchase Pi with cash, significantly boosting accessibility and global adoption. It is anticipated that more platforms, including BitMart and HTX, will also receive KYB approval within the next 10 days, indicating growing institutional support for the project. Only KYB-approved companies can legally use and trade Pi, whereas individuals engaging in peer-to-peer (P2P) transactions must be KYC-approved and utilize non-custodial wallets.
82% Drop From All-Time Peak
Pi Coin price fell almost 80 per cent from its all-time peak at $3. According to Coinmarketcap, the current price hovers at $0.50 per cent. This decline has raised concerns about the legitimacy, liquidity, and trading support of the project.
Pi Coin Price Prediction
The next significant resistance level is at $0.60.
A breakout above this could lead to a move towards $1, indicating stronger market confidence in the project’s future.
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