Cryptocurrency Market Update

Cryptocurrencies experience high volatility following President Donald Trump’s fluctuating tariffs on imports.

Bitcoin (BTC) fell below $83,000 on March 4, as the tariffs took effect; however, by March 7, with some tariffs suspended or delayed, Bitcoin recovered above $90,000.

This past Sunday, Bitcoin dipped below $83,000 again, reflecting an 11.8% decline over the last week. Ethereum (ETH) also felt the impact, hovering above $2,000 and down 18.2% during the same period.

As we enter a new week, crypto.news highlights three altcoins: Arbitrum (ARB), Flare (FLR), and Pi Network (PI).

Arbitrum

Arbitrum has faced a strong downward trend for two years. In 2023, it hit a peak of $2.4253, becoming the second-largest layer-2 blockchain, but has since plummeted to a record low of $0.312.

The crash is attributed to its highly dilutive nature, with a circulating supply of 4.41 billion against a total of 10 billion coins. Arbitrum releases 479,068 new tokens daily, unlocking 93.2 million this week, continuing until April 2027.

The token recently fell below key support at $0.4310 and remains under the 50-day moving average, indicating a downward trend may persist. The next level to monitor for ARB could be $0.25.

Flare

Flare is another cryptocurrency to watch, as it unlocked tokens worth $28.16 million, or 2.90% of its circulating supply, having already unlocked about 68% of the total.

Flare’s price has dropped from $0.03840 on December 3 to a low of $0.01575, below the 50-day moving average. However, it has formed a falling wedge pattern, suggesting potential price resurgence towards the 50-day moving average at $0.0220.

Pi Network

Pi Network, a popular tap-to-earn token, has recently crashed to $1.3960, its lowest since February 2023, following the revelation that it will unlock over 1.4 billion tokens this year.

The price has dipped below key support at $1.5337 and formed a bearish pennant pattern. The technical indicators suggest a possibility of further decline, with sellers eyeing the psychological $1.00 mark.

Other cryptocurrencies to watch include Aptos, Perpetual Protocol, and Apecoin, alongside major cryptocurrencies like Bitcoin, Ethereum, and XRP, which traders are monitoring for signs of movement after weeks in tight ranges. A potential listing on major exchanges like Binance and Coinbase could offer some respite.

Pi Network was founded by Stanford alumni Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip.

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