Mantra’s OM Token Plummets 90% Leading to $5.4 Billion Loss
Bitcoin aims to maintain above the downtrend line from its record high, facing resistance at $86K. Key moments include:
- FLR, TRX, and SOL outperformed the market.
- Mantra's OM token dropped 90% due to forced liquidations, linked to significant coin movements to OKX before the crash.
- OKX CEO labeled the incident a major scandal, highlighting the importance of on-chain data availability.
- Virtuals Protocol saw increased transaction volumes as Mechanism’s Capital doubled its BTC position to $200 million.
- NYDIG noted crypto market stability amidst traditional market turmoil.
- Market participants foresee range-bound trading for Bitcoin amid U.S.-China tariff uncertainties, despite President Trump's recent product exemptions.
- Concerns rise over declining demand for spot Bitcoin ETFs, with over $700 million in outflows last week.
- U.S. equity indexes indicate caution with potential bearish patterns forming.
Upcoming Events
- April 14: Filecoin mainnet upgrade.
- April 15: First SmarDEX halving.
- April 16: HashKey Chain mainnet upgrade.
- April 17: EigenLayer activation on Ethereum.
- April 18: Pepecoin halving.
- April 21: Coinbase Derivatives listing XRP futures pending CFTC approval.
Market Movements:
- BTC up 0.66% at $84,404.14.
- ETH up 4.5% at $1,642.47.
- Overall crypto market shows slight recovery.
In summary, investors should monitor Bitcoin's performance around $86K, evolving ETF trends, and upcoming economic indicators that could influence market conditions.