Bitcoin price rises to the sky, Pi Network still "struggling"

In the past week, the price of Bitcoin has continuously risen to the sky. According to data from CoinMarketCap, as of the evening of April 25, the largest cryptocurrency in the world was traded around 95,000 USD. According to Cointelegraph, one of the reasons for the recent rise to the sky in Bitcoin's price comes from the buying demand of large financial institutions. Specifically, on April 21, U.S. Bitcoin ETF funds attracted an additional 381 million USD, a level not seen since the end of January. Cryptocurrency analyst Rekt Capital also believes that Bitcoin has escaped the long-term downtrend of the past several months. When the downtrend is broken, an uptrend will emerge. The rise in Bitcoin's price has led to growth in the entire cryptocurrency market. A series of other digital coins have benefited from this growth, such as Ethereum rising 13.4% in the past 7 days, Solana increasing by 13.93%, Sui rising 74%, and Jupiter increasing by 29%,... However, not all cryptocurrencies have experienced significant recovery. As of the evening of April 25th, the Pi Network token was trading at a price of 0.64 USD, almost unchanged over the past week. The current price is 5 times lower than the peak of 3 USD that this cryptocurrency reached on February 27th. According to the assessments from many experts, there are several reasons why the price of Pi Network has not shown any recovery while the entire cryptocurrency market continues to grow again. One of the main factors comes from the intrinsic value of the Pi coin. Pi coin is assessed as having no specific applications and no infrastructure. The Pi Network team only promotes Pi as a payment method. This causes the project to not create much value and only operates like a series of memecoins (joke cryptocurrencies) in the market. Previously, the Hanoi City Police issued a warning to the public about investing in the Pi Network cryptocurrency. The authorities stated that according to Vietnamese law, virtual currency in general and the Pi coin in particular are not yet considered assets. Therefore, incidents, arising issues, and disputes related to Pi coin trading activities are very risky, difficult to be protected and handled by law. At the same time, according to the regulations of the State Bank, virtual currency is not a means of payment. Therefore, any individual or organization using virtual currency in general and Pi coin in particular for payment activities will be penalized or may be subject to criminal prosecution. According to the Hanoi City Police, the coin has not yet demonstrated practical application. Its current value is self-determined and has led many people to misunderstand the true value of this cryptocurrency.