Pi Coin, once a beacon of early enthusiasm in the cryptocurrency sphere, is currently navigating a period of significant bearish sentiment. Having witnessed its value plummet from a high of approximately $3 to its current standing around $0.62, the digital currency faces mounting pressure due to a lack of clear price catalysts and crucial exchange support. This downturn is sparking apprehension among existing holders and potential investors alike, casting a shadow over the project’s immediate trajectory.
BitMart’s Protracted Pi Trading Suspension Fuels Doubt
A key factor contributing to the prevailing uncertainty is the prolonged suspension of Pi Coin trading on the BitMart exchange. For over a month, users have been unable to engage in Pi transactions on the platform. According to numerous members within the Pi community, BitMart is reportedly awaiting Know Your Business (KYB) approval from the Pi Core Team before it can proceed with the anticipated 1:1 Pi swap.
The lack of a definitive timeline for the resolution of this issue has amplified concerns within the community. Prominent crypto commentator Dr. Altcoin recently voiced this sentiment on X, questioning the prolonged silence from BitMart regarding Pi withdrawals. The ongoing lack of communication is fueling speculation and eroding confidence.
Has anyone heard from Bitmart @BitMartExchange about Pi withdrawals? It’s been a month since Pi trading was suspended, awaiting the 1:1 Pi swap. Word is, Bitmart is still waiting for KYB approval from the Pi Core Team. @PiCoreTeam @BitMartExchange @BitMartResearch
— Dr Altcoin (@Dr_Picoin) April 23, 2025
Banxa’s Exit and Huobi’s Cryptic Hints Add to Mixed Signals
Adding another layer of complexity to Pi’s current predicament is the recent withdrawal of support from Banxa, a recognized crypto payment service provider. This development means users are no longer able to purchase Pi Coin through the platform. The rationale behind Banxa’s decision remains undisclosed, further clouding the immediate outlook for the digital asset.However, amidst these setbacks, a potential glimmer of hope emerges from Huobi Exchange. In recent weeks, this major global exchange has been posting teasers hinting at significant upcoming news related to the coin. While the specifics remain under wraps, these hints have injected a degree of cautious optimism into the Pi community.
Consensus 2025 and the Quest for Major Exchange Listings
Looking ahead, the Pi Network’s sponsorship of Consensus 2025, a prominent annual crypto event, presents a crucial opportunity. The scheduled appearance of Pi Network founder Nicolas Kokkalis at the event could serve as a platform to unveil significant updates and potentially reignite interest in the project. However, the continued absence of the coin listings on top-tier exchanges such as Binance, Coinbase, and Kraken remains a significant hurdle.
This lack of accessibility limits the coin’s visibility and overall demand within the broader cryptocurrency market. With the Coin’s value having already depreciated by nearly 80% from its peak, the need for positive catalysts and wider exchange support is becoming increasingly critical for its long-term viability.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Pi Network Price Faces 40% Drop as Key Exchanges Snub Listing — What’s Next for Pi Coin?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
