Pi Network (PI) Tumbles 14% Daily: Is a Recovery on the Horizon?

PI's market cap dropped under the $1 billion psychological level. The cryptocurrency market took a sharp hit after the CLARITY Act failed, and many digital assets fell into red territory. Pi Network’s native token is the worst performer in the top 100 club, down 14% in a day. Despite the decline, some analysts believe a bullish reversal could be closer than it appears. PI Loses More Ground As CryptoPotato reported, the US Senate failed to advance the landmark bill, known as the CLARITY Act, because it did not reach the necessary 60 votes. Although the development was largely expected, it triggered a broad correction, with Bitcoin (BTC) plunging to $75,000 and Ethereum (ETH) dipping below $2,400 after a 3% daily decline. These drops, though, are no match for PI’s poor performance. The native cryptocurrency of the controversial project is the only one (from the biggest 100) to post a double-digit decline today (September 16) and currently trades around $0.083 (per CoinGecko), the lowest level since the start of August. PI’s market capitalization tumbled under the $1 billion psychological mark and now stands at roughly $940 million. This makes it the 76th-largest cryptocurrency. It is...