This Week in Crypto: Pi Coin Listings, MicroStrategy’s BTC Bet, The Jack Dorsey Mystery, and More

This week in crypto has been packed with major developments, from mainnet launches and legal drama to attempts at cracking longstanding mysteries.

The following is a roundup of crucial developments that happened this week but will continue shaping the sector.

Pi Network Gains Momentum With Key Milestone

Pi Network made waves this week as its native token, PI Coin, secured listings on multiple exchanges, signaling strong market interest ahead of its mainnet launch. Major exchanges such as HTX and BitMart, among others, listed PI Coin, effectively boosting its visibility and accessibility.

Despite this momentum, however, PI Coin’s price declined following its listing on OKX, a common trend where assets experience post-listing corrections due to early profit-taking. Pi Network’s governance token was trading for $0.66 on the OKX exchange as of this writing. The 43% drop since Friday’s session opened has some analysts disappointed.

Notwithstanding, Pi Network’s airdrop is now the most valuable in crypto history after dethroning Uniswap. With millions of participants receiving Pi tokens, the project has set a new benchmark for large-scale token distributions.

As the network moves forward, its adoption and real-world utility will be key factors in determining long-term value.

Binance To Delist 4 Altcoins

Another headline this week in crypto was the Binance exchange’s announcement, revealing plans to delist four altcoins. The revelation that the exchange would delist and cease trading on all spot trading pairs for AMB, CLV, STMX, and VITE shook the market, causing price drops.

Nevertheless, this move, set to take effect on February 24 at 03:00 UTC, is part of Binance’s ongoing efforts to maintain market quality and security standards.

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it,” Binance said.  

Historically, delisting announcements lead to sharp price drops as traders rush to sell off affected assets before trading ceases.

For Binance users holding these tokens, it is crucial to withdraw funds before the delisting date or convert them into other assets. Delisted tokens often see reduced liquidity and trading options, making it difficult to sell them post-delisting.

SEC’s XRP Lawsuit Stall: A Tactical Delay?

A widely discussed news this week was the possible tactical delay by the US SEC (Securities and Exchange Commission) in its lawsuit against Ripple. As BeInCrypto reported, there is speculation that the regulator may be stalling its decision to dismiss the case.

Legal experts suggest that the SEC might drop the lawsuit by April, though no official confirmation has been given.

Meanwhile, the SEC faces a deadline of 240 days to decide on an XRP ETF following key filings. If approved, an XRP ETF could bring institutional capital into the market and boost XRP’s credibility.

However, the ongoing legal uncertainty overshadows its short-term price action. XRP investors should stay updated on court proceedings.

Any resolution, whether a dismissal or settlement, could have significant implications for the asset’s future. As of this writing, XRP was trading for $2.66, down by almost 2% since Friday’s session opened.

MicroStrategy’s $2 Billion Bitcoin Bet

MicroStrategy, now Strategy, also made headlines among top crypto news. The firm is doubling down on Bitcoin again, announcing a massive $2 billion stock offering to finance further BTC acquisitions.

The firm, led by Michael Saylor, has consistently been one of the largest corporate holders of Bitcoin. It leverages its stock to accumulate more of the digital asset.

This aggressive strategy has inspired struggling companies to follow suit. As BeInCrypto reported, several firms have been considering similar stock issuance strategies to gain exposure to Bitcoin.

“GameStop, a company with no viable business plan, has thrown another Hail Mary by announcing that it might use its cash to buy Bitcoin. The irony is that Bitcoin is even more overpriced than GME. No matter; speculators are buying the stock anyway, hoping it becomes another MSTR,” Bitcoin critic Peter Schiff wrote.

While this approach carries risks, it highlights the growing belief that Bitcoin is a long-term hedge against inflation and traditional financial instability.

Is Jack Dorsey Satoshi Nakamoto?

Meanwhile, a new theory making waves in the crypto space suggests that Twitter and Block (formerly Square) founder Jack Dorsey could be Satoshi Nakamoto, the elusive creator of Bitcoin. The speculation stems from Dorsey’s deep-rooted belief in decentralization, his early advocacy for Bitcoin, and his focus on peer-to-peer (P2P) digital payments.

While no concrete evidence supports the claim, it adds another layer of mystery to the ongoing search for Bitcoin’s creator. Dorsey has neither confirmed nor denied the speculation, but his continued involvement in the Bitcoin ecosystem makes him a compelling candidate, with renowned industry executives finding the theory convincing.

“Jack parades himself around in a Satoshi shirt,” noted Sean Murray, the originator of this theory.