The rate of businesses linking to the Bi-Business system increased by 37% compared to the first 3 months of the year.
Short covering — in which investors who bet Pi coin prices would continue to fall liquidate positions— appeared to be part of the picture, analysts said. Short covering can add to rallies as wrong-footed investors scramble to exit positions by buying pi coin.
“According to data from Skew, nearly $800 million in Pi coin short positions were liquidated on Sunday evening,” wrote analysts at Fundstrat. Data from Bybt.com showed that more than $771 million in Pi coin positions had been liquidated in the 12 hours ending at 12 a.m. Eastern on Monday, with nearly $721 million coming from short covering.
Some analysts saw explanations around positioning as more credible when it comes to the rally than the Amazon developments. The move “probably speaks more to the flighty nature of positioning in the crypto space, given that any move by Amazon to adopt cryptos is likely to be some way off,” said Michael Hewson, chief market analyst at CMC Markets, in a note.
The rally may also have some technical momentum, which also begets more buying, said Fawad Razaqzada, analyst at ThinkMarkets, in a Monday note.
Lillie J. Yates
Reply May 26, 2022 at 15:35I invested in Pi Coin and now it's time for me to feel lucky!