The cryptocurrency market is experiencing a fresh wave of optimism this August, with both Bitcoin (BTC) and Pi Network’s PI token drawing strong investor interest.
Bitcoin has surged nearly 10% in the first ten days of the month, extending July’s rally that brought it close to its record high of $123,000 (around Rs34.5 million). The rise is being fueled by pro-crypto political measures, large-scale institutional buying, and supportive macroeconomic conditions.
US President Donald Trump has openly backed digital assets, issuing executive orders allowing cryptocurrencies in retirement plans and restricting banks from cutting ties with crypto companies. He also appointed Bitcoin advocate Stephen Miran as an interim Federal Reserve governor.
Adding to the momentum, Bitcoin treasury firm Nakamoto, led by David Bailey, acquired nearly 3% of Bitcoin’s total supply—worth around $76 billion—following a $2.5 billion purchase. Meanwhile, US CPI data for August is expected to show 2.8% annual inflation; a softer reading could strengthen the case for a September interest rate cut, historically favorable for risk assets like Bitcoin.
While Bitcoin leads the rally, Pi’s PI token surprised markets by climbing from $0.32 to $0.46 last week before settling near $0.41. Sentiment has been lifted by 2.8 million PI tokens moving off exchanges.
Analysts project Bitcoin could reach $130,000–$150,000 by year-end, with bullish scenarios aiming for $175,000. Pi’s short-term direction depends on breaking its current resistance; failure could push it back toward $0.35.
A few days ago, Bitcoin Surges to Record High, Surpassing January Peak
