weekly digest pi42

Pi42 Weekly Roundup: Market Shakeout, New Listings, and Ongoing Contests! 

Greetings, Bitcoin Fam! This week, the crypto market experienced a rollercoaster ride, with bullish news countered by a brief correction. But again, volatility is the Friend of Traders! Let’s explore everything you need to know!

Market Watch: A Tale of Two Trends

The first week of June offered a glimpse into the ever-evolving nature of crypto. While the long-awaited US Ethereum ETF approval sparked a surge for Ethereum, the market witnessed a wider correction following stronger-than-expected US employment data. However, many traders interpret this dip as a temporary “shakeout” before an upward swing.

Overnight Liquidations and ETF Inflows: A Contradiction?

A sudden shift in sentiment led to liquidations of long positions totalling a staggering $360 million. Interestingly, this downturn coincided with continued positive sentiment towards US Bitcoin ETFs. These funds maintain a strong outlook, attracting a net inflow of $130.99 million, with IBIT leading the charge at $168 million. Notably, this marks the 19th consecutive day of positive inflows, albeit with a decline in daily volume compared to the previous high.

Expand Your Horizons: New Pairs Arrive on Pi42!

Get ready to explore exciting new possibilities with our latest additions under the “15 Days, 15 Pairs” program! We’ve introduced 7 new trading pairs, including FET-INR, AEVO-INR, JASMY-INR, and MEME-INR. This expansion enables you to trade your favourite pairs seamlessly with Indian Rupees, bringing the total available pairs to over 65!

Contests: Trade, Refer, & Win!

The thrill of competition continues with our ongoing contests!

  • G.O.A.T. 2nd Edition (Weekly & Monthly): The quest for trading glory continues! Participate in the ongoing G.O.A.T. (Greatest of All Traders) challenge and trade daily. Not only can you be crowned the champion, but you can also reclaim your trading fees!
  • R20 – The Ultimate Referral Challenge: Calling all social butterflies! Refer your friends and climb the ranks in the R20 challenge. You could win exclusive prizes like an official Indian Cricket team jersey or even the grand prize of INR 50,000!

We also hosted a successful “Trading Jackpot” contest, which saw hundreds of enthusiastic community members participate in a 24-hour trading frenzy.

Community Connect: Traders Talk and Local Meetups!

We’re committed to fostering a vibrant Pi42 community. This week, we hosted a “Traders Talk” featuring a seasoned expert who shared valuable insights on market and technical analysis. Additionally, we met with over 25 traders across five cities – Delhi, Kolkata, Jaipur, Patna, and Chennai. These meetups provided a platform to discuss the current market scenario, explore Pi42’s latest features, and delve into VDA tax-saving strategies.

Stay tuned for more exciting announcements and community events in the coming weeks!

Happy Trading!

The Pi42 Team