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Since our last update, it’s been a whirlwind few days in crypto. Bitcoin surged to $86K following a key policy shift from the Trump administration, and this morning saw the dramatic collapse of a top 20 crypto project.
Tariff Rollbacks Fuel Risk-On Rally
Saturday night's rally was driven by news that the US will grant tariff exemptions on smartphones, computers, and chip-makers—a significant rollback from Trump’s previously hardline stance. Before these exemptions, the projected price of an iPhone was expected to soar to around $3,500 USD, up from $1,000 USD, a staggering increase that would’ve hit consumers directly. This illustrates how deeply such tariffs impact everyday goods, especially as domestic production costs in the US remain far higher than imports from Asia.
While this rollback gave risk-on assets a boost, the broader picture remains murky. The continued policy flip-flopping adds further noise to an already convoluted macroeconomic backdrop. Today it’s bullish, but the next tariff headline could just as easily unwind the gains.
OM Collapses—RWA Sector Shaken
Not all headlines have been positive. Mantra (OM)—ranked as the 19th largest crypto project and the leading Real World Asset (RWA) protocol—collapsed overnight. At midnight, OM was trading at $6.50, with a market cap near $6 billion. By midday, it had plummeted to $1.00, slashing its market cap to $1 billion. A staggering 90% drop in less than 12 hours.
Panic has taken hold, with investors scrambling for answers. Rumours are swirling, but nothing concrete has emerged yet. In OM’s absence, Ondo now claims the top spot as the leading RWA protocol. It’s a brutal reminder of the immaturity still prevalent in the altcoin market, and the inherent risks in deviating from Bitcoin.
Stormrake Spotlight: Ripple (XRP) ($2.14)
Stormrake Spotlight: Ripple (XRP) ($2.14)
XRP has begun to reclaim its bullish structure, printing a higher high. If it can now form a higher low above $1.72, that structure will be confirmed. It’s currently holding above the 21EMA—a positive sign. If bulls maintain control, we could see XRP push towards the mid-range level at $2.40 in the sessions ahead.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin remains in bullish structure with strong momentum. It briefly pierced the key resistance at $85.2K before pulling back to test the 55EMA, which held firm. BTC has since bounced, once again challenging this critical level. For the uptrend to continue, a confirmed break above $85.2K is essential. Failure to do so could open the door for the bears to return.
BTC Total ETF Flows for 13 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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