A new downturn is waiting for market
India's GST notice to Binance can be explained by the following factors:
1. Investor Reaction: Regulatory actions often cause uncertainty among investors, leading to panic selling or hesitation in making new investments. This can result in sudden drops or fluctuations in cryptocurrency prices as market participants react to the news
2. Operational Disruptions: Binance, being a major player in the crypto market, might face operational challenges or disruptions due to compliance requirements. Any negative news related to such a significant exchange can impact market sentiment, causing price swings.
3. Increased Selling Pressure: Traders might anticipate further regulatory actions or penalties, leading to increased selling pressure in the short term. This selling pressure can contribute to heightened volatility as prices react to the increased supply of cryptocurrencies on the market.
4. Market Speculation: Speculation about how Binance and other exchanges will respond to the regulatory pressure can drive volatility. Rumors and predictions about potential market exits, operational changes, or new regulatory measures can lead to rapid price movements.
Overall, the market's reaction to the GST notice is characterized by uncertainty, operational concerns, and speculative behavior, all of which contribute to increased volatility in the crypto market.
DYOR
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#BTCMarketPanic #MarketDownturn #RecessionOrDip?
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Minimizing risk factors in the crypto market to avoid liquidation involves several strategies:
Diversify Portfolio: Spread investments across different cryptocurrencies and other asset classes to mitigate the impact of any single asset's poor performance.
Use Stop-Loss Orders: Set automatic sell orders at predetermined price levels to limit losses.
Leverage Management: Use minimal leverage or avoid it entirely to reduce the risk of margin calls and liquidations.
Regular Monitoring: Continuously monitor the market and your portfolio to make timely decisions based on current conditions.
Stay Informed: Keep up with news and trends in the cryptocurrency space to anticipate market movements and act accordingly.
Stablecoins: Allocate a portion of the portfolio to stablecoins to provide liquidity and stability.
Technical Analysis: Use technical analysis tools to identify trends and potential reversal points to make more informed trading decisions.
Risk Management Strategies: Employ risk management techniques such as the Kelly Criterion to determine optimal bet sizes.
Cold Storage: Store a significant portion of holdings in cold wallets to protect against exchange hacks and cyber theft.
Avoid Emotional Trading: Make decisions based on analysis and strategy rather than emotions to avoid impulsive actions.
#BTCMarketPanic #RecessionOrDip?
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Pi2Day 2024 marks a significant milestone for Pi Network—it's the last Pi2Day before we launch the Open Network!
As outlined in the Open Network conditions in December 2023, our path to Open Network depends on the collective efforts of the entire Pi community, including the Core Team, community developers, and all Pioneers. Thanks to the incredible contributions and innovations of the community, we have made great progress and are right on track.
Today’s Pi2Day celebration includes updates on our progress towards meeting Open Network conditions, a review of product updates and releases since Pi Day (March 14, 2024), introductions to new releases, a preview of upcoming initiatives to advance our Open Network goals, and the launch of a community event—a new Pi2Day Open Network Challenge!
First, we are excited to announce that the Pioneer community has now surpassed 60 million engaged Pioneers!
### Open Network Conditions and Status
Today, we provide updates on the progress of our three key conditions for the Open Network.
1. Finish Preparation Work
The Core Team remains on track with technology, product, business, and legal preparations, following the consistent strategies of Pi Network. The majority of this announcement focuses on the progress made and future initiatives in these areas as we move towards Open Network.
2. Meet KYC, Migration, and Utility Creation Goals
When setting our timeline, we established three primary goals driven by community efforts:
- First, 15 million KYC’ed Pioneers: We currently have over 12 million KYC’d Pioneers, up from 9.45 million on March 14, 2024. Many KYC issues have been resolved, facilitating this increase. We expect further acceleration with additional changes and community mobilization initiatives.

- Second, migrate 10 million Pioneers to Mainnet: We now have 5.79 million Pioneers on Mainnet, compared to 4.5 million on March 14, 2024. Changes made and upcoming will continue to accelerate Mainnet migrations. Details will follow later in this post.
- Third, 100 Pi apps: These apps must be on the Mainnet or Mainnet-ready, comply with Pi platform policies, solve a true need, bring utility to the Pi ecosystem, and be distinct applications. We now have over 70 Mainnet or Mainnet-ready Pi apps that meet these criteria, up from 50 on March 14, 2024.
3. No Unfavorable External Environment
We control the Open Network launch date to avoid launching during unfavorable global conditions that could impact the crypto and traditional business ecosystems. While we don’t foresee any such events currently, we remain vigilant to ensure the best timing for our launch.
### Tech & Product Progress Towards Open Network
Since the Pi Day announcement, the Core Team has focused on advancing Open Network preparations, prioritizing KYC, Mainnet migrations, Nodes, and other initiatives like growth and post-migration lockups. Efforts to build utility and a strong community through Pioneer connections, social features, and community events have also continued. These align with the goals of achieving a critical mass of verified Pioneers on Mainnet, completing Open Network preparations, and diversifying Pi cryptocurrency utilities.
Read on to learn more and engage with the new updates available to you!
This tech and product update focuses on visible, relevant, and interesting features and work items for Pioneers, although it omits much backend work that remains crucial.
KYC
The Core Team has developed several methods to assist Pioneers in passing KYC at various stages of the application, validation, and approval processes.
#PiNetworkMainnet #PiNetworkkyc #pinetworkupdates