ISLAMABAD – Cryptocurrency market is riding fresh wave of optimism this August, with both Bitcoin BTC and Pi Network’s PI token capturing investor attention.
Leading cryptocurrency Bitcoin soared nearly 10pc in first ten days of August, building on July’s momentum when it came within whisker of its $123,000 record which is around Rs34.5 million (3.4 crore), the rally is being fueled by a potent mix of pro-crypto political actions, institutional accumulation, and macroeconomic tailwinds.
US President Donald Trump taken an overtly supportive stance on digital assets, signing executive orders to permit cryptocurrencies in retirement plans and prevent banks from cutting off crypto firms. He also appointed Bitcoin advocate Stephen Miran as a temporary Federal Reserve governor.
Meanwhile, Bitcoin treasury firm Nakamoto, sparheaded by David Bailey, accumulated close to 3pc of total Bitcoin supply — valued at about $76 billion, after $2.5 billion purchase.
US consumer price index (CPI) data for August is expected to show 2.8% annual inflation rate. A softer reading would likely strengthen the case for a September interest rate cut, a move historically favorable for high-risk assets like Bitcoin.
While Bitcoin leads the rally, Pi Network’s PI token emerged as a surprise mover as token jumped from $0.32 to $0.46 last week before stabilizing near $0.41. Market sentiment is boosted by over 2.8 million PI tokens moving off exchanges.
For BTC, analysts see potential year-end targets of $130,000–$150,000, with the most bullish projections pushing toward $175,000 if current momentum continues. For Pi, the short-term trajectory hinges on overcoming its current price ceiling; failure to do so could send it back toward $0.35.
