What Happened in Crypto Today? Market heats up as Pi Launches!

Crypto market surges! Pi launch, SEC win, and Trump shake things up.

Global Crypto Market Update – February 20, 2025

The global crypto market cap has hit $3.2 trillion, reflecting a 1.55% increase over the last day. Despite the uptick in market cap, the total crypto market volume over the past 24 hours has seen a 17.83% decrease, totaling $83.89 billion.

DeFi continues to play a crucial role, with $6.76 billion in trading volume, making up 8.06% of the overall market activity. Stablecoins dominate the market volume, accounting for $78.29 billion or 93.32% of the total 24-hour volume.

Pi Network Goes Live – Has Pi Been Launched?

Yes! After years of anticipation, Pi Network has officially launched its Open Mainnet today, February 20, 2025, at 08:00 AM UTC. This means Pi Coin is now tradable on major exchanges like OKX, Bitget, Bitrue, HTX, and BitMart.

To celebrate, Bitget is hosting a massive $60,000 Pi airdrop. With millions of Pioneers finally able to trade their mined Pi, the market is buzzing with excitement. Could Pi crypto news be the spark behind today’s market surge?

Ethereum Reserves Hit 9-Year Low – ETH Price Boom Incoming?

Ethereum’s reserves on exchanges have plunged to a 9-year low, with around 8.2 million ETH left on trading platforms. This reduction in supply hints at a potential liquidity crunch, often a precursor to a price rally.

Technical indicators show promise:

• RSI has bottomed out.

• A bullish MACD crossover suggests upward momentum.

With the current market rally, ETH price could be on the verge of a significant breakout and in the near future it can lead to crypto shakeout.

Coinbase CEO Calls Bitcoin a Meme Coin – Crypto Shakeout or Hype?

In surprising cryptocurrency latest news today, Coinbase CEO Brian Armstrong stirred controversy by calling Bitcoin “somewhat of a memecoin.” With meme coins like LIBRA and BROCCOLI pumping and dumping, Armstrong highlighted how even top coins carry cultural weight.

Amid the market surge, many speculate that Pi Network’s launch could be the true driver behind the bullish sentiment. 

Trump’s Crypto Shake-Up – Will Crypto Crash Again or Soar?

Under President Trump’s leadership, the crypto market is experiencing a shake-up. His first month in office saw several pro-crypto moves:

• Scott Bessent, a Bitcoin supporter, appointed as Treasury Secretary.

• Formation of the National Crypto Working Group.

• A CBDC ban and a pro-crypto SEC shakeup.

These developments have injected optimism into the market. As Pi crypto gains traction, investors are left wondering—will crypto crash again or soar to new heights?

SEC Backs Down – Bullish Sentiment Boosts Crypto Market Cap

In a legal win for DeFi, the SEC has dropped its appeal against a Texas court ruling that struck down its controversial broker-dealer rule targeting decentralized platforms. The court ruled the SEC had overstepped its authority.

This victory is lifting market sentiment and contributing to the rise in crypto market cap. 

Crypto Fear & Greed Index – Will Crypto Rise Again?

The Crypto Fear & Greed Index helps gauge investor sentiment:

• Current Value (49 – Neutral): A balanced market.

• Yesterday (44 – Fear): Slight caution among traders.

• Last Week (50 – Neutral): Stable sentiment.

• Last Month (76 – Extreme Greed): Over-enthusiasm, often preceding corrections.

The market is currently in a neutral state, suggesting indecision. Will these Pi crypto news and bullish trends tip the scales towards greed, leading to another market rally?