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A slow day for Bitcoin over the last 24 hours, with price deviating less than 1% from its open. The majors followed suit—Ethereum edged up 1.5%, while SOL and XRP posted gains of under 1%. Attention, however, was firmly centred on OM—and for good reason.
In traditional finance, most US equities opened stronger than Friday’s close but ultimately finished in the red. The S&P 500 marked another losing session, though it still sits higher than its Friday close—same story for the Nasdaq. Meanwhile, gold broke above $3,200 per ounce for the first time in history. It's now up 22% year-to-date, while most other assets remain in the red—including the DXY, which has fallen 8% since January. That marks its worst start to a year since 1995.
Trump’s strategy appears to be taking shape: devalue the dollar to boost US global competitiveness. But the trade-off is a pullback in risk-on assets, even as gold rallies in response.
In a notable development, Nvidia has announced it will manufacture AI supercomputers domestically for the first time ever. A major milestone—and a move aligned with Trump’s tariff playbook, aimed at reshoring high-value manufacturing.
OM Collapse: Red Flags Ignored
More details are emerging around the OM collapse, and with hindsight, the red flags were hard to miss.
The primary catalyst was suspicious wallet activity and the team’s overwhelming control of the token’s supply—90% of total supply was in the hands of the MANTRA team (defeats the purpose of decentralisation). That’s a glaring red flag, but it was seemingly overlooked in the rush to ride the hot real world asset narrative.
A wallet linked to MANTRA transferred 3.9 million $OM tokens to OKX, triggering immediate concerns. With the team holding near-total control of the supply, market manipulation became a legitimate fear. Rumours of over-the-counter (OTC) sales at discounts of up to 50% further eroded trust, hinting that insiders were offloading tokens at the expense of retail holders.
The fallout was swift. Panic selling set in, triggering a cascade of stop-losses and leveraged liquidations. Over $6 billion in market value was wiped out in just 30 minutes.
Stormrake Spotlight: Ripple (XRP) ($2.12)
Stormrake Spotlight: Ripple (XRP) ($2.12)
Like Bitcoin, XRP had a relatively flat session, gaining less than 1%. But the lack of movement shouldn’t be seen as bearish—in fact, it’s quite the opposite. If XRP can continue building a base above the 21EMA (yellow line), it sets the stage for a potential breakout to the upside.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin remains in a consolidation phase, moving between the CPR level of $83.6K and resistance at $85.8K. This range-bound price action is structurally bullish, as it signals continuation. A breakout above $85.8K could fuel a move toward $90K, while a breakdown may see Bitcoin retest the low $80K region.
BTC Total ETF Flows for 14 April: $ (data not available at the time of writing)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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