Crypto Market Weekly Roundup: OM Token Crash, Bitcoin dominance surges

NEW YORK (AP)‍ — The cryptocurrency ⁣market experienced a week ⁢of volatility,⁢ marked by a significant crash of one⁣ token, increased efforts to decentralize Bitcoin mining, and shifts in market dominance. Here’s a summary of key developments.

OM Token⁣ plunges 92%, Sparking⁣ Investor Panic

The OM token experienced a dramatic collapse, plummeting 92% from $6.40 to⁤ $0.57 within hours. This flash crash erased $6 billion⁣ in market capitalization. John Mullin, co-founder of Mantra, attributed the crash to⁢ irresponsible liquidations by exchanges. However, on-chain data indicated that over 43 million tokens were transferred ‍to exchanges prior to the price drop, fueling speculation of a coordinated “rug pull.” The disappearance of Mantra’s⁢ social media accounts further intensified concerns about openness and the project’s future.

Tether Backs ⁤Ocean Mining Pool to Decentralize Bitcoin

Tether⁢ is collaborating with⁤ Ocean, a Bitcoin mining ⁣pool spearheaded by Bitcoin Core developer Luke ‍Dashr, to promote ⁢decentralization within Bitcoin mining. By contributing hashrate to Ocean’s protocol, miners gain greater control⁤ over block creation, enhancing censorship resistance and decentralization.This initiative aligns⁤ with tether’s investments in renewable ⁢energy-powered mining in latin America and financial ⁣inclusion efforts ⁣in Africa. Tether’s support,given its status‍ as a major Bitcoin holder,could help redistribute mining power away from large,centralized⁢ pools.

Pi Network Faces ⁢Potential 55% Crash Amid Token ⁣release Concerns

Pi Network is⁤ under pressure after breaching a key support level, with analysts warning⁣ of a potential 55% decline. The⁢ primary concern revolves around the planned release of over 1.5 billion PI tokens this year. Demand remains weak, partly due to PI’s absence from major exchanges like Binance and⁤ Coinbase. Unless the Pi Network team modifies its tokenomics or introduces a burn mechanism, selling⁢ pressure could intensify. technical indicators also suggest further downside risk.

Bitwise⁤ Expands Crypto‍ ETP Access on London Stock Exchange

Bitwise has ⁤listed four crypto exchange-traded products (ETPs) on the London Stock‍ Exchange, including Bitcoin and Ethereum staking products, to broaden institutional access to European digital assets. The move follows Bitwise’s acquisition of ETC group in 2024. The listed ETPs include BTC1, a cost-efficient ⁢Bitcoin ETP in Europe, and BTCE, a liquid Bitcoin ETP in the⁣ region. Despite declines in Zeth and⁣ ET32 in 2025, these ETPs offer professional investors regulated ‍and custodied exposure to the crypto market.

(See Bitwise press release from‍ April 16, 2025)

Bitcoin Dominance Hits 3-Year High as Altcoins Struggle

Bitcoin’s market dominance has surged to 63%, the highest level since early 2021, as investors seek safety in BTC amid weakness in altcoins. Ethereum,Cardano,and Dogecoin have experienced double-digit losses in the past four weeks,while Bitcoin has held steady around $84,000. Analysts interpret this trend as a⁤ sign of market caution, driving capital back into the most established cryptocurrency. While some smaller tokens have seen gains, ‍the broader market remains focused⁢ on Bitcoin.

ethereum Weakens Against Bitcoin, Possibly Reaching All-Time Low

Ethereum is underperforming Bitcoin, with the ETH/BTC ratio falling to 0.0186,its lowest level as January 2020 and an 80% decrease from its 2020 peak. Chart analysis reveals bearish signals, including⁣ a death cross,⁢ bearish RSI momentum, and an inverted cup-and-handle pattern. ⁢Investors are losing confidence in ETH as BTC strengthens as a store of‍ value. Increased competition ‍from Layer-1⁤ and Layer-2 chains, such as Base and Arbitrum, is also diverting capital away from Ethereum.Further⁢ decline is anticipated.

Hashkey Launches XRP Tracker Fund in ⁢Asia with Ripple’s Support

Hashkey Capital has launched the first XRP Tracker Fund in Asia, backed by Ripple, targeting professional investors seeking XRP exposure without managing wallets or private keys. Investors can invest with cash or digital assets monthly.⁢ Ripple’s investment ⁢signals growing⁤ confidence in XRP,particularly regarding potential⁢ future ETFs. The fund could pave the way for an XRP ETF⁢ within two years, ⁤driven by increasing institutional interest and regulatory clarity in Asia.

BNB Chain Revamps $100 Million Incentive Program with Token Investments

The BNB Chain has renewed its $100 ⁢million incentive program to⁤ better ⁣support native projects. Instead of providing liquidity based on centralized exchange (CEX) listings,the BNB Chain Foundation will now acquire at least $100,000 worth of tokens from selected BNB Chain-native projects that meet stringent on-chain criteria. This‍ change follows a three-week pilot program and community feedback indicating the⁣ previous model’s limited effectiveness. With weekly purchase updates ⁤and a ‍focus on transparency, BNB aims to stimulate growth within the Web3 ecosystem.

Arbitrum Surpasses $300 Billion in Uniswap Volume, Leading Layer-2 race

Arbitrum has achieved a milestone, exceeding $300 ⁢billion in ⁣Uniswap trading volume, the highest among Layer-2 networks. ⁣Known for reducing Ethereum transaction fees and accelerating transactions, Arbitrum hosts major DeFi players like AAVE, GMX, and Sushiswap. User activity has increased by over 40% this month, fueled ⁢by upgrades such⁢ as Operation Slowmo and ZKVerify. ⁤Arbitrum is solidifying its leading position in scaling Ethereum through robust development.