Pi Network (PI) drops 14% following CLARITY Act failure

Pi Network's native token PI fell 14% on September 16, making it the worst performer among the top 100 cryptocurrencies, as the broader market corrected following the US Senate's failure to advance the CLARITY Act. Despite the decline, which pushed PI's market cap below $1 billion, the project's core team has initiated a protocol upgrade to v27 to prepare for a transition to Mainnet. Some analysts suggest a potential bullish reversal based on technical chart patterns.