Here’s why crypto coins like Pi Network, Pepe, Ethena are crashing

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Bitcoin and most cryptocurrencies slumped on Thursday, with their total market capitalization plunging by over 5.7% to $2.6 trillion.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pi Network was one of the worst performers as it dropped to a record low of $0.56, down by over 80% from its highest level in February. Pepe, the third-biggest memecoin, dropped by 17%, while Ethena fell by 18%. The other top laggards were altcoins like Hyperliquid, Berachain, Bonk, Jito, and Official Trump, which also fell by over 15%.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The sharp decline came as U.S. recession odds surged. According to Polymarket, the probability of a U.S. recession rose to over 70%. MetLife, a leading financial services firm, increased its recession odds to 40%, while Goldman Sachs and PIMCO raised their forecasts to 35%. These odds jumped after Donald Trump announced tariffs on all countries that export their goods to the US.