Here’s what happened in crypto today -Mantra’s 90% crash, BTC, and more!
- BTC could drop to $76K, according to Peter Brandt.
- Mantra crashed by 90% in 24 hours, but the founder denied ‘rug-pull’ claims.
Despite slipping to a low of $74K last week, Bitcoin [BTC] rebounded and posted an impressive 7% gain. It briefly surged above $85K, but analysts were divided on its mid-term projection.
BTC mixed views
For his part, renowned trader Peter Brandt expected it to drop to $76K, citing the bearish rising wedge pattern on the 4-hour pattern.
Source: X
However, others, like Coinbase analysts, were optimistic, citing bullish RSI divergence and renewed interest from long-term holders.
That said, Robert Kiyosaki urged investors to consider BTC to protect wealth amid ongoing tariff-driven sell-off.
“Those who take action and acquire real gold, silver, and Bitcoin….MAY come out of this premeditated disaster…”
Jack Dorsey, CEO of Square, echoed similar sentiments and stated that BTC keeps the U.S. and China in check.
Mantra saga, Virtual, SOL/ETH ratio rebound
This week’s top headline was Mantra [OM] 90% crash over the weekend. Jack Mullin, Mantra founder, blamed ‘forced liquidations’ on centralized exchanges.
“OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders.”
Although analytics firm Lookonchain flagged some dumping wallets linked to early investors like Laser Digital, Mullen denied those claims. He vowed to act right ‘for the community’, but the details remained to be seen.
The market size of the real-world asset (RWA) platform dropped from $6B to below $700 million in hours, exposing investors to massive losses. In fact, Quinn Thompson of Lekker Capital warned of a likely meltdown on Ondo[ONDO] — another RWA project.
Away from RWA implosion, the Virtual ecosystem rebounded after over 90% crash in network activity and traction.
According to analytics firm IntoTheBlock, the ecosystem recovered above 100K transaction count in April, a signal that AI tokens might make a comeback.
Source: IntoTheBlock
Finally, the SOL/ETH ratio hit a record daily and a historical weekly session close. Last week, the ratio rallied 20%, indicating that SOL outperformed ETH.
It closed at 0.08 and reclaimed the mid-range, which could push the ratio higher to the upper channel of 0.09.
Source: SOL/ETH, TradingView
Over the same period, SOL rallied over 21% from $95 to $133, while ETH posted a 1% gain. According to Kyle Samani of MultiCoin Capital, SOL ETF approval could tip the altcoin to outperform ETH massively.