Pi Network's PI Tumbles by 14% Amid Clarity Act Setback

The Pi Network's native cryptocurrency, PI, plummeted by 14% in a day, making it the worst performer among the top 100 cryptocurrencies. This decline comes after the US Senate failed to advance the CLARITY Act, a landmark bill that aimed to regulate digital assets.

PI's market capitalization dropped below the $1 billion psychological level and now stands at around $940 million, making it the 76th-largest cryptocurrency. The price of PI has been trading around $0.083, its lowest since August.

Despite this decline, some analysts believe that a bullish reversal could be on the horizon. According to X user Crypto With Gopal, PI's price has printed a double-bottom setup and is holding the $0.075-$0.085 support zone while forming higher lows.