Pi Network shows grit as Bitcoin nears $64K

The crypto market is exhibiting impressive signs of resilience leading into the weekend. Bitcoin is making an aggressive bid for the $64,000 resistance area after a volatile past week marred by geopolitical tensions and macro-economic shifts. Large-cap and mid-cap altcoins are firming up with the recent rebound of Pi Network IOUs after crashing to record lows.

The Bitcoin rally that occurred following positive CPI data, which indicated inflation is moderating faster than Wall Street had previously feared, has helped the king coin inch back towards its previous highs.

The overall market cap for cryptocurrencies now sits above $2.27 trillion. Bitcoin Bounces Back Towards $64K Amidst CPI Relief The week began on a sour note for Bitcoin. It shed its gains from the weekend and tested the lows of $61,997 as tensions in the Middle East escalated.

The rise in geopolitical uncertainty prompted investors to take risk off, which had a negative impact on crypto prices.

However, with the release of the United States Consumer Price Index (CPI) on Tuesday, the tide of market momentum turned sharply upwards.

CPI figures were better than the consensus projections, printing at 3.5% as opposed to expectations of between 3.8% and 3.9%. In the wake of the macroeconomic reprieve, BTC rallied to a 3-week high of $65,500 by Wednesday before settling on a normal weekly dip of around $62,400 on Friday.

The buyers maintained their stance on Bitcoin and have managed to bring the price back up to the $64,000 mark over the weekend, and market observers anticipate significant volatility ahead.

Market data bitcoin total market cap: >$1.28 trillion bitcoin market dominance: 56.5% Altcoins Stabilizing, Cardano and Cronos Taking the Lead Several other large cap altcoins are showing promise, despite being relatively stagnant over the last 24 hours.

Some significant movers are listed below: Cardano (ADA): The price of ADA surged more than 4.5%, pushing above the $0.165 level and outperforming its contemporaries. Cronos (CRO): Buoyed by the recent $400 million injection into the Crypto.com ecosystem, Cronos recorded gains of more than 5%.

Pi Network IOUs Rebounding After Volatile Week Other prominent crypto-assets have undergone drastic swings, including those within the Pi Network (PI) IOUs market.

Following the brutal sell-off that saw the speculative token hit all-time lows on Monday, the $0.07 support level proved strong. The PI IOU reclaimed more than 8% of the previous day’s losses, and the price now trades above the $0.08 level.

(Note to traders: as the official Pi Network has yet to launch a public mainnet and operates in a limited Enclosed Mainnet phase, PI trading pairs are only available on certain platforms as IOUs and are not directly transferable on the blockchain).

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Overall The crypto market cap now rests at around $2.27 trillion after growing by more than $30 billion over the last 24 hours.