The price of the Mantra (OM) token, the native cryptocurrency of the Mantra real-world tokenized asset blockchain, has collapsed by over 90% in the last 24 hours.

On April 13, Mantra fell from a price of approximately $6.3 to below $0.50 and shed over 90% of its $6 billion market cap.

Mantra token market cap and overview. Source: CoinGecko

Traders are characterizing the token collapse as an apparent rug pull. Market investor Gordon wrote: “[The] team needs to address this or OM looks like it could head to zero. Biggest rug pull since LUNA/FTX?”

However, the exact reason for the collapse of the OM token’s price is not clear at the time of this writing.

Related: Mantra unveils $108M fund to back real-world asset tokenization, DeFi

This is a developing story, and further information will be added as it becomes available.

Bitcoin (BTC) made a brilliant comeback this week, rising more than 7%, indicating solid buying at lower levels. BitMEX co-founder Arthur Hayes said in a post on X that the US bond market crisis could be setting the stage for more policy response, and that could result in an “up only mode” for Bitcoin.

Blockchain and intelligence platform Glassnode said in a post on X that Bitcoin had built solid support at $79,000, with roughly 40,000 Bitcoin accumulated there. Bollinger Bands creator John Bollinger also echoed similar views. In a post on X, Bollinger said that Bitcoin was forming a “classic Bollinger Band W bottom,” but it needed confirmation.

Crypto market data daily view. Source: Coin360

Market participants will be closely watching the performance of the US dollar index (DXY), which is trading below the 100 level. Any further weakness in the US dollar could be bullish for Bitcoin. 

If Bitcoin manages to hold on to the higher levels, it is likely to boost the sentiment in the cryptocurrency sector. That could trigger a recovery in select altcoins. What are the cryptocurrencies that may benefit from Bitcoin’s strength?   

Bitcoin price analysis

Bitcoin broke and closed above the resistance line on April 12, which is the first indication that the corrective phase may be ending.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The bears are unlikely to give up easily and will try to pull the price back below the 20-day exponential moving average ($82,885). If they manage to do that, it suggests that the bears remain active at higher levels. The BTC/USDT pair could then drop to $78,500.

Buyers are likely to have other plans. They will try to defend the 20-day EMA on the way down. If the price rebounds off the 20-day EMA, it will signal a change in sentiment from selling on rallies to buying on dips. That enhances the prospects of a rally to $89,000 and, after that, to $95,000.

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 20-EMA is sloping up, and the relative strength index (RSI) is in the positive territory, indicating an advantage to the bulls. A rebound off the 20-EMA suggests that the bulls are trying to flip the resistance line into support. The pair may face selling at $89,000, but it is likely to be crossed. That could propel the pair to the $92,000 to $95,000 zone.

On the downside, the moving averages are the crucial support for the bulls to defend. If they fail in their endeavor, the pair could plummet to $78,500.

Hyperliquid price analysis

Hyperliquid (HYPE) closed above the 50-day SMA ($15.14) on April 11 and reached the overhead resistance of $17.35 on April 12.

HYPE/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($13.84) has started to turn up, and the RSI has risen near 56, suggesting buyers have the edge. Sellers are trying to defend the $17.35 resistance, but if the bulls prevail, the HYPE/USDT pair could start a rally to $21 and subsequently to $25.

This optimistic view will be negated in the near term if the price turns down from $17.35 and breaks below the 20-day EMA. The pair could then fall to $12, which is expected to attract buyers.

HYPE/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has pulled back to the 20-EMA, which is a critical near-term support to watch out for. If the price bounces off the 20-EMA with strength, it signals buying on dips. The bulls will then make one more attempt to overcome the barrier at $17.35. If they succeed, the pair may rise to $21. There is minor resistance at $18, but it is likely to be crossed. 

Sellers will have to pull and sustain the price back below the 20-EMA to weaken the bullish momentum. The pair could then descend to the 50-SMA.

Ondo price analysis

Ondo (ONDO) has broken out of the downtrend line, suggesting that the bears may be losing their grip.

ONDO/USDT daily chart. Source: Cointelegraph/TradingView

The recovery is facing selling near $0.96 but may find support at the 20-day EMA ($0.83) on the way down. If the price rebounds off the 20-day EMA, the bulls will again try to drive the ONDO/USDT pair above $0.96. If they manage to do that, the pair could pick up momentum and rally toward $1.20.

Sellers are likely to have other plans. They will try to pull the price back below the 20-day EMA. If they can pull it off, the pair could drop to $0.79 and later to $0.68.

ONDO/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 4-hour chart shows that the pair is facing selling in the $0.93 to $0.96 resistance zone. Buyers will have to keep the price above the 20-EMA to maintain the upper hand. If the price rebounds off the 20-EMA with strength, the possibility of a break above $0.96 increases. The pair may then climb to $1.05 and later to $1.20.

Instead, if the price skids below the 20-EMA, it suggests that demand dries up at higher levels. The pair may then descend to the 50-SMA.

Related: Bitcoin price tags $86K as Trump tariff relief boosts breakout odds

Render price analysis

Render (RNDR) has reached the overhead resistance of $4.22, where the bears are expected to mount a strong defense.

RNDR/USDT daily chart. Source: Cointelegraph/TradingView

The moving averages are on the verge of a bullish crossover, and the RSI has risen into the positive zone, signaling an advantage to buyers. If the price rises above $4.22, the RNDR/USDT pair will complete a double-bottom pattern. There is minor resistance at $5, but it is likely to be crossed. The pair could then climb to the pattern target of $5.94.

Contrary to this assumption, if the price turns down sharply from $4.22 and breaks below the moving averages, it signals a range-bound action in the short term.

RNDR/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair is facing selling at $4.06, but the pullback is likely to find support at the 20-EMA. If the price rebounds off the 20-EMA with strength, it will suggest that the sentiment remains positive. That improves the prospects of a break above $4.22. The pair may face resistance between $4.60 and $5, but if the price does not dip back below $4.22, it signals the start of a new up move.

Alternatively, a break and close below the 20-EMA suggests the bulls are losing their grip. The pair may then slump to the 50-SMA, signaling a consolidation in the near term.

Kaspa price analysis

Kaspa (KAS) rose and closed above the 50-day SMA ($0.07) on April 12, indicating that the selling pressure is reducing.

KAS/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.07) has started to turn up, and the RSI has risen into the positive territory, suggesting that the path of least resistance is to the upside. If buyers drive the price above $0.08, the KAS/USDT pair will complete a double-bottom pattern. This bullish setup has a target objective of $0.12.

Contrarily, if the price turns down from $0.08 and breaks below the 20-day EMA, it will signal a range formation. The pair may swing between $0.08 and $0.05 for some time.

KAS/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has turned down from $0.08 but is likely to find support at the 20-EMA. If the price rebounds off the 20-EMA, the pair could rally to the top of the range, which is a crucial resistance to watch out for. If buyers overcome the overhead barrier, the pair could start a new upmove toward $0.09.

This positive view will be invalidated in the near term if the price turns down and breaks below the $0.07 support. That could keep the pair stuck inside the range for a while longer.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Strategy co-founder Michael Saylor has signaled that the company plans to acquire more Bitcoin (BTC) following a nearly two-week pause in purchases.

The company’s most recent acquisition of 22,048 Bitcoin on March 31 brought its total holdings to 528,185 BTC.

According to SaylorTracker, Strategy’s BTC investment is up by approximately 24%, representing over $8.6 billion in unrealized gains.

Strategy continues to accumulate BTC amid the recent market downturn that took Bitcoin’s price below the $80,000 level, and the company continues to be closely monitored by BTC investors as a barometer for institutional interest in BTC.

Strategy’s Bitcoin purchase history. Source: SaylorTracker

Related: Has Michael Saylor’s Strategy built a house of cards?

Bitcoin’s store-of-value narrative grows despite the recent price decline

The current macroeconomic uncertainty from the ongoing trade tensions between the United States and China has negatively impacted risk-on assets across the board.

Stock markets wiped away trillions in shareholder value in response to Trump’s sweeping tariff order, and crypto markets also experienced a deep sell-off.

Data from the Total3, an indicator that tracks the market capitalization of the entire crypto sector excluding BTC and Ether (ETH), shows that altcoins have collectively shed over 33% of their value since the market peak in December 2024.

By comparison, BTC is only down roughly 22% from its peak of over $109,000 in January 2025 and is currently rangebound, trading around the $84,000 level.

The Total3 crypto market cap, pictured in blue, compared to the price of Bitcoin. Source: TradingView

The price of Bitcoin remained relatively stable amid a $5 trillion sell-off in the stock market, lending credence to Bitcoin’s use case as a store-of-value asset as opposed to a risk-on investment.

Speaking with Cointelegraph at Paris Blockchain Week 2025, Cypherpunk and CEO of digital asset infrastructure company Blockstream, Adam Back said the macroeconomic pressures from a prolonged trade war would make Bitcoin an increasingly attractive store of value.

Back forecasted inflation to surge to 10-15% in the next decade, making real investment returns on traditional asset classes such as stocks and real estate incredibly difficult for market participants.

“There is a real prospect of Bitcoin competing with gold and then starting to take some of the gold use cases,” Back told Cointelegraph managing editor Gareth Jenkinson.

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express