Why is the Pi Network Price Up Today?

TL;DR

• PI marked a solid daily gain, driven by the broader crypto market recovery following the eased trade tension between the USA and numerous countries.
• Community members noted the pump, with some envisioning a rally above $2.50 in the near future.

The native cryptocurrency of Pi Network witnessed a substantial resurgence several hours ago, with its price soaring to almost $0.65. Later, though, it retraced to the current $0.60, which still represents a 6% daily increase.

The most likely reason fueling the rally is the cryptocurrency market’s overall revival following the latest update on the global trade war.

Recall that US President Donald Trump implemented a 90-day suspension on most new tariffs. The reciprocal rate was reduced to 10% for over 75 countries that have recently tried to negotiate better terms with America. However, tariffs on Chinese imports dramatically increased to 125% due to “the lack of respect” from the Asian nation.

In the aftermath, Bitcoin (BTC) surged past $83,000 before settling at around $82,000, while Ethereum (ETH) exceeded $1,600.

Strategic deals inked as of late might have also played a positive role for PI’s price performance. Not long ago, Pi Network collaborated with the global payment service provider Banxa. The latter supposedly acquired over 30 million PI tokens, highlighting its potential confidence in the project’s ecosystem.

On April 8, Pi News (a media platform associated with the crypto project) claimed that 1.2 million PI were purchased from Banxa in the span of 48 hours. 

“This signals Community trust in Banxa. More utilities, more demand,” the entity added.

PI’s price pump in the past hours sparked enthusiasm across its community, with some members envisioning further upswing in the near future. 

The X user MOON JEFF (who also touches upon the matter) argued that recovery is possible and envisioned the formation of a V-shaped curve that could result in a rally above $2.50.