The crypto market was rocked by a dramatic 90% plunge in Mantra (OM), wiping out over $5.5 billion in market cap in mere hours on April 13, 2025. The crash, attributed to massive liquidations on exchanges like Binance and a sudden surge in token supply, has sparked widespread investor panic. Mantra’s CEO, John Mullin, denied insider selling allegations, but on-chain data suggests a wallet linked to the team may have contributed to the sell-off. This event has raised serious questions about transparency and exchange practices, with OKX promising a full investigation. The fallout continues to dent confidence in real-world asset (RWA) tokenization projects, with OM struggling to recover, trading at $0.618 despite a 65% bounce from its lows. Investors are left demanding clarity, as a lack of official resolution could further erode trust in Mantra.

Other News:

Positive

  • Pi Coin Surge: Pi Network’s price soared 80% from its April lows, reaching $0.7575. Analysts see potential for a 135% breakout if momentum holds, driven by growing community adoption and speculation around mainnet developments. This rally signals renewed interest in mobile-first crypto projects.

  • Bitcoin Bullish Outlook: Bitcoin (BTC)’s sentiment turned sharply bullish, fueled by $1.2 billion in $100K call options. Institutional interest, ETF inflows, and a post-halving supply squeeze are driving optimism, with analysts like Michael Saylor predicting a “supply shock” rally.

  • Bitcoin Price Prediction: Forecasts for 2025 project Bitcoin prices between $100,304 and $126,986, underpinned by ETF accessibility and FOMO-driven retail demand. This aligns with broader market recovery expectations.

  • Trump’s Crypto Moves: President Trump’s recent actions, including nullifying IRS rules on DeFi exchanges and pausing tariffs for 90 days, have boosted crypto prices. These policies signal a pro-crypto stance, encouraging market confidence and investment.

Neutral

  • China’s Crypto Hoard: China is grappling with a $1.4 billion Bitcoin stash seized from criminal activities, pushing for regulatory reforms. While this highlights crypto’s growing relevance, the lack of clear disposal plans creates uncertainty.

  • Bhutan’s Bitcoin Strategy: Bhutan sold $100 million in crypto to fund doubled civil servant salaries, retaining $600 million in Bitcoin assets. This bold move showcases crypto’s utility for national economies, but doesn’t directly impact markets.

  • Immutable Blockchain Merge: Immutable announced plans to merge Immutable X and zkEVM into a unified chain by late 2025. This could streamline its gaming ecosystem, but the long timeline limits immediate market effects.

Negative

  • Ethena Labs Exits Germany: Ethena Labs shut down its German operations after regulators flagged “deficiencies” in its USDe stablecoin. This exit, following a March 21 suspension, underscores Europe’s tightening grip on crypto, potentially chilling stablecoin innovation.

  • Crypto Outflows Continue: Crypto ETPs recorded $795 million in outflows, with Bitcoin and Ethereum (ETH) products hit hardest. This erased 2025 gains, reflecting investor caution amid market volatility and regulatory fears.

Big Movers

The most significant movers recently are Mantra (OM), Pi Network, and Bitcoin (BTC). Mantra’s 90% crash makes it a high-risk play; while a 328% rally to $1.594 is possible if the team addresses investor concerns, the lack of transparency suggests caution. Pi Network’s 80% surge offers a potential buying opportunity for risk-tolerant investors, given its breakout potential, but its unproven mainnet raises risks. Bitcoin remains the safest bet, with strong bullish signals and institutional backing. Its current price around $93,000 (post-November 2024 surge) and call option activity suggest upside to $100K+ in 2025, making it a compelling buy on dips.

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