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Bybit CEO Labels Pi Network a Scam, Refuses To List Token

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2 days ago

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Amid increasing enthusiasm surrounding the Pi Network, Bybit CEO Ben Zhou labeled it a scam. Clarifying that Bybit has no plans to list the PI token, the Bybit CEO questioned the project’s legitimacy.

Meanwhile, the PI token’s value plummeted by over 55% in a single day, causing alarm among investors. Despite its initial popularity, the token’s downward spiral has raised concerns about its long-term viability.

Pi Network Is a Scam, Says Bybit CEO

Bybit CEO Ben Zhou has publicly voiced his skepticism about the Pi Network’s legitimacy, calling it a scam. In a recent X post, Zhou explicitly stated that Bybit will not list the PI token, reaffirming his doubts about its authenticity. He stated, “I still think you are a scam, and no , Bybit will not list scam.”

Referring to a 2021 warning from the People’s Government of Hengyang, Zhou pointed out that the Chinese Police deemed Pi Network as a scam targeting elderly folks. According to reports, the government has issued a warning against Pi Network’s alleged plans to misuse the public’s personal data to accumulate pension funds. The Bybit CEO added, “There are multiple other reports out there questioning the project legitimacy.”

Bybit Has No Plans to List PI Token

Reiterating his previous stance, Ben Zhou stated that Bybit is not listing the Pi token, due to scam concerns. In a previous post, he dismissed rumors of Bybit listing the Pi token, with a message in Chinese. The post is translated as,

A bunch of people asked me today if I wanted to list Pi. I said, ‘Stop being ridiculous.’ Back when I was trading forex, I was constantly confronted by middle-aged people demanding their hard-earned money back. I really don’t want to deal with that in the crypto space—so I’m keeping my distance. Thanks

In the recent thread, Zhou confirmed that Bybit hasn’t submitted a listing request for the PI token. He reiterated that allegations of PI turning down Bybit’s listing or failing the exchange’s KYB verification process are unfounded. Further questioning the project’s legitimacy, Zhou stated, “If the project is legitimate and straight up, then you should come forth and address these report so everyone can understand , but instead you choose to make up shit and do these childish attack with no ground.”

Notably, Binance is currently conducting a community poll to gauge interest in listing Pi. So far, the majority of voters are in favor of adding the coin to the platform.

PI Plummets: What’s Next?

Despite the initial hype, Pi Network’s PI token has plummeted by a massive 59.58% over the last 24 hours. However, traders remain optimistic about the token which is evident from the staggering 2833% surge in its trading volume.

At press time, the PI token is trading in the red zone, at a price of $0.7806, significantly down from the high of $1.99. However, driven by the initial parabolic uptrend, analysts remain bullish. As per Pi price prediction, the token is poised to hit $300 driven by potential listings by major exchanges.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC, ETH Drop As $566M Liquidated Amid Bybit Hack

Published

4 hours ago

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February 22, 2025

By


Crypto market today (February 22): Bitcoin (BTC), Ethereum (ETH), and other altcoins reflect an alarmingly waning price action as the week comes to a close. Primarily against Bybit’s recent $1.4 billion hack, over $566 million was liquidated across the broader market in the last 24 hours. As a result, BTC price price lost nearly 2% and slipped back to the $96K level on Saturday. Further, ETH and other leading altcoins have also followed the waning trajectory.

Crypto Market Today: BTC, ETH & Altcoins Suffer Amid Bybit’s Hack & Massive Liquidations

Notably, the crypto exchange behemoth Bybit recently suffered an exploitation attack, resulting in the theft of $1.4 billion ETH from the platform. CoinGape reported that the mastermind behind this hack was ‘The Lazarus Group,’ a North Korean cybercriminal organization.

As a response to the hack, the crypto market saw $566.64 liquidated in the last 24 hours, per Coinglass data. The massive liquidations, underscoring panic selling, in turn brought significant heat to cryptocurrency prices. Further, the global cryptocurrency market cap slipped 1.98% from yesterday to reach $3.17 trillion.

BTC Price Backtracks To $96K

In sync with the colossal liquidations, BTC price witnessed a 2% loss in value over the past 24 hours, resting at $96,170. The flagship coin’s intraday bottom and peak were $94,852.96 and $99,497.97, respectively. Coinglass data showed that Bitcoin recorded $199.44 million worth of liquidations in the past 24 hours. Simultaneously, its market dominance slipped marginally by 0.01% to 60.29%.

ETH Price Takes Heat Amid Crypto Market’s New Hack

ETH price tanked nearly 3% in the past 24 hours and is currently trading at $2,674. The coin’s 24-hour low and high were $2,616.92 and $2,842.83, respectively. Ethereum recorded liquidations worth $141.76 million in the past 24 hours. Meanwhile, market watchers remain cautious about the coin’s future movements in light of the massive Bybit hack. Given that the hackers decide to sell the stolen funds ahead, heightened selling pressure could pull the price further down.

XRP Price Cracks 3%

XRP price fell by 3% intraday and is now sitting at $2.57. The coin hit a bottom and peak of $2.51 and $2.71 in the last 24 hours. Notably, the Ripple-backed asset saw liquidations worth $14.95 million over the past day and followed the broader market trend to dip in the red zone.

SOL Price Slips 2%

SOL price saw a 2% decline in the past 24 hours and is now trading at $170. The coin swooped to a low of $167.31 and a high of $180.43 in the last 24 hours. Solana recorded liquidations worth $22.24 million intraday, aligning with the market trend.

Meme Crypto Market Also Tumbles

Dogecoin: DOGE price saw a 4% drop to $0.2417 amid $14.03 million liquidated in the Dogecoin market.

Shiba Inu: SHIB price waned by 2% in the past 24 hours and is currently trading at $0.00001516, mirroring the market trend.

Even Pepe Coin (PEPE) and Official Trump (TRUMP) prices cracked 2%-5%, reaching $0.000009188 and $16.08, respectively. The meme coin market has primarily mirrored the broader market trend as the week comes to a close.

Top Crypto Market Gainers Today

Ethena (ENA)

Price: $0.4544
24-Hour Gains: +11%

ENA price soared as the crypto project reassured users that its stablecoin USDe remains solvent despite the recent Bybit hack.

Bitget Token (BGB)

Price: $5.05
24-Hour Gains: +8%

Bitget’s BGB token soars amid its rival exchange’s hack saga, and the Bitget wallet launching a limited-time BGB on-chain staking program.

Jito (JTO)

Price: $2.84
24-Hour Gains: +5%

JTO price gains alongside S. Korean cryptocurrency exchange Upbit’s announcement to list the token in the KRW market.

Top Crypto Market Losers Today

Mantle (MNT)

Price: $0.883
24-Hour Loss: -15%

Berachain (BERA)

Price: $7.16
24-Hour Loss: -12%

Sonic (S)

Price: $0.8546
24-Hour Loss: -10%

Overall, the current investor sentiment remains highly uncertain surrounding the crypto sector’s future, with prices taking heat amid Bybit’s hack and massive liquidations.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Identifies Key Support For Cardano Price Bullish Momentum

Published

7 hours ago

on

February 22, 2025

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Crypto analyst Ali Martinez has noted key support levels for Cardano (ADA) price between $0.67 and $0.80. He emphasized their role in sustaining the current bullish trend. According to Martinez’s analysis, these levels have historically acted as both resistance and support for the altcoin. The repeated interaction with this range indicates its significance in determining ADA price direction.

Key Support Levels for Cardano Price Stability

In a post on X, Ali Martinez highlighted that Cardano price has repeatedly tested the $0.67–$0.80 range. This zone has provided stability for ADA, preventing further declines and acting as a foundation for bullish movements.

Historical price movements suggest that this support area has been critical during both uptrends and corrections. The ability of ADA to hold above this range signals strong buying interest.

Recent market data indicates that ADA remains within this support range, maintaining its position despite market fluctuations. If buying pressure persists, Cardano price could establish a stronger footing and attempt an upward breakout.

Meanwhile, Grok 3 AI highlighted Cardano’s strong decentralization as a driving force behind its potential rally to $5-$6 in this bull cycle. If Cardano price can break key resistance levels, it may gain the bullish momentum needed to reach these ambitious price targets.

Technical Indicators Suggest Growing Buying Pressure

Supporting the bullish sentiments, the 1-day Moving Average Convergence Divergence indicates Cardano price is holding above key support levels, providing a foundation for a altcoin rally.

More so, the MACD line is above the signal line, signaling a bullish crossover. If ADA maintains its position above $0.75 and builds on this momentum, it will break the $0.80 resistance and push higher in the short term.

Furthermore, there is the Parabolic Stop and Reverse (SAR) indicator whose dotted lines are placed below Cardano price, which is common in an upward trend. This suggests that ADA price has found a strong support base, further reinforcing the likelihood of an upward move.

Cardano priceCardano price
Source: TradingView

ADA Price To $1?

If Cardano price remains above the key support range of $0.67–$0.80 and manages to break above resistance levels, analysts project a potential rally toward $0.94. A successful test of this price point could pave the way for ADA to revisit the $1 mark.

Conversely, if ADA fails to sustain support above $0.67, selling pressure could increase, driving the price lower. In such a scenario, the next key support level would be around $0.54, where buyers might re-enter the market.

Moreover, another analyst shared the bullish sentiments, emphasizing that ADA price movements suggest a potential breakout. The expert highlighted that if Cardano surpasses the critical resistance at $0.9837, it could pave the way for a rally toward $1.35.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will XRP Price Hit $300 If US SEC Calls Off Ripple Lawsuit?

Published

8 hours ago

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February 22, 2025

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The price of XRP lost its edge earlier when it failed to retain the $2.6 support level despite a positive update from the US Securities and Exchange Commission (SEC). Notably, the pro-crypto stance of the Mark Uyeda-led SEC has ignited a possibility of XRP benefitting uniquely. Per the current trend, investors wonder if the coin could hit a $300 price target in the long term if the US SEC drops the XRP lawsuit. 

Is Ripple versus US SEC Lawsuit Suppressing XRP Price?

In a recent update, Coinbase revealed that the SEC staff has agreed to drop its lawsuit, pending potential approval by the agency’s commissioners in the coming week. By a large margin, the Coinbase versus SEC lawsuit is considered the second biggest after Ripple Labs. 

Though similar, the Ripple lawsuit has advanced much more, with the end close as predicted. Gary Gensler fanned the lawsuit, alleging that XRP is a security when sold to the public, significantly impacting the price. 

Like Coinbase, there is speculation that the US SEC will dismiss its Ripple lawsuit appeal. If this happens, the price of XRP is expected to rise dramatically.

Is XRP Price to $300 Feasible?

In recent times, analysts have issued massive projections regarding the XRP price. As reported earlier by CoinGape, market analyst XRP Captain predicted that the XRP price could rally to $250 between now and 2026.

While analysts justify this projection based on the current trend within the Ripple ecosystem, the economics presents a different picture. With XRP having more than 57.89 billion circulating supply per CoinMarketCap data, a $300 target will give it a valuation of $17.367 trillion for the coin.

This fund is way bigger than the crypto industry, which is only worth $3.17 trillion, with Bitcoin dominating. However, this does not discount the likelihood of a massive rally if the lawsuit ends.

The XRP ETF Advantage

Meanwhile, the Ripple ecosystem has continued to expand at a unique pace. More than four asset managers are seeking approval to offer XRP ETF products to institutional investors. Canary Capital, Bitwise, and CoinShares are some of the firms pushing for this new product.

With a 65% odds of approval, the community is somewhat pricing in this product already. With the likelihood of a new capital influx, the expectation is that the XRP price will benefit immensely in the long term.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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