Total crypto market-cap hits $850M as Bitcoin and altcoins recover from FTX’s collapse

Published

2 years ago

November 30, 2022

The total crypto market recovers some lost ground as the contagion risks associated with FTX’s collapse begin to look resolvable.

Trade war vs. record M2 money supply: 5 things to know in Bitcoin this week

Published

26 minutes ago

April 14, 2025

Bitcoin (BTC) is holding down the fort as the US trade war rages on into the third week of April.

BTC price action attempts to overcome a long-term resistance trend line without success as trade war concerns dictate traders’ expectations.

Tariffs are the key macroeconomic topic of the week as risk assets brace for potential surprise headlines.

Bitcoin ETFs lost almost $800 million in a week, while Strategy indicates it has purchased the dip.

Despite tariff pressures, the weakness of the US dollar could be a blessing in disguise for Bitcoin and risky assets.

Global M2 money supply is at an all-time high and rising — will Bitcoin follow history and replicate its past?

Bulls battle a key BTC price resistance line

With traders on the lookout for tariff-related volatility this week, BTC price analysis is zooming out.

BTC/USD closed last week up 6.7%, data from Cointelegraph Markets Pro and TradingView confirms.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Next, however, comes the real test — breaking beyond a downward-sloping trend line that has capped the upside for months.

$BTC – #Bitcoin: I’m watching this chart closely. We might be ready. pic.twitter.com/Dtv1jkrzkP

— Crypto Caesar (@CryptoCaesarTA) April 12, 2025

“Rejected at key resistance, following the trendline perfectly,” popular trader Bitbull wrote in his latest post on the topic on X.

“If the breakdown continues, eyes on the $70K-$72K support zone for a possible bounce.”

BTC/USD 12-hour chart. Source: Bitbull/X

Fellow trader and analyst Rekt Capital is also eyeing the trend line as a breakout proves hard to confirm.

“Bitcoin has Daily Closed above the Downtrend. Thus, breakout confirmation is underway,” he told X followers at the weekend.

“However BTC has previously Daily Closed above the Downtrend but failed its retest (a few of the red circles). Retest needs to be successful and it is in progress.”

BTC/USD 1-day chart. Source: Rekt Capital/X

Popular trader AK47 on X posted separate upside and downside BTC price targets depending on the outcome of the trend line retest.

“$BTC might push to $88K—but don’t get too comfy,” he cautioned.

“Could be a fakeout, grabbing liquidity before dipping to $81K for that inverse head & shoulders setup. If that plays out, $95K–$100K isn’t far.”

BTC/USDT 4-hour chart. Source: AK47/X

Tariff talk keeps markets on edge

A quieter week for US macroeconomic data leaves initial jobless claims as the highlight while the ongoing trade war continues to dominate.

With China particularly in focus, risk assets and crypto face flash volatility should more surprises involving trade tariffs surface.

The weekend saw snap relief in that respect as US President Donald Trump announced a pause on tariffs for key tech products. As a result, Bitcoin climbed to eleven-day highs above $86,000.

Subsequent indications that the measures would be temporary then put renewed pressure on stocks’ futures, while BTC/USD retreated to circle $84,000 at the time of writing.

“We think the ‘tariff exemptions’ announced this weekend were originally intended to be temporary,” trading resource The Kobeissi Letter wrote in part of an X reaction.

“The goal was to bring treasury yields back down before resuming the trade war.”

S&P 500 1-hour chart. Source: Cointelegraph/TradingView

Kobeissi suggested that markets had originally considered the move as a signal that the trade war might end completely, only to be disappointed a day later.

“Bonds will likely still rally along with stocks, but uncertainty has only grown. The bond market is king,” it added.

Continuing, trading firm Mosaic Asset agreed that bonds may have been crucial in altering policy trajectory last week.

“It’s the volatility in other areas of the markets like currencies and Treasury bonds that might have forced a quick pivot on trade and tariff policy,” it summarized in the latest edition of its regular newsletter, “The Market Mosaic,” on April 13.

“The uncertainty around tariffs has become a binary and unpredictable event for the stock market. Signs of tensions fuel further downside, while an easing of tensions sends stocks sharply in the other direction.”

Bitcoin ETF outflow “barely registers”

A sign of just how turbulent last week came in the form of net flows from the US spot Bitcoin exchange-traded funds (ETFs).

In one of the worst weeks ever for the ETF products since their debut in early 2024, total outflows passed $750 million.

For network economist Timothy Peterson, however, there is little to worry about.

Zooming out, he noted that even a nine-figure drawdown such as this makes hardly any difference to the overall investment pool that the ETFs have created in little more than a year.

“Last week, US Bitcoin ETFs had their 5th worst week ever (in terms of outflows). Over $700 million. Yet it barely registers as a blip on the chart,” he told X followers.

“That’s how big Bitcoin has become. That’s how sticky these investments are.”

US spot Bitcoin ETF balances. Source: Timothy Peterson/X

Among major investors seeking to “buy the dip,” meanwhile, is business intelligence firm Strategy (formerly MicroStrategy), whose co-founder Michael Saylor hinted that it was upping its BTC exposure this weekend.

“No Tariffs on Orange Dots,” he wrote in an X post alongside a chart of Strategy’s acquisitions.

Strategy Bitcoin holdings data. Source: Michael Saylor

However, whether Bitcoin will emerge as an attractive proposition for the institutional investor cohort while trade war uncertainty continues is dubious.

A survey by Bank of America in late March showed that respondents overwhelmingly favored gold as a volatility hedge, with 58% choosing it.

“This compares to just 9% for 30-year Treasury Bonds and 3% for Bitcoin,” Kobeissi wrote while reporting on the findings.

“Throw in the US deficit spending crisis and gold quickly becomes the only global safe haven asset.”

BoA survey results. Source: The Kobeissi Letter/X

Dollar dive gives risk assets hope of relief

The US dollar may yet provide some light at the end of the tunnel for wary risk-asset traders this week.

The trade war has taken its toll on the greenback, and when measured against major trading partner currencies, its weakness is plain to see.

The US dollar index (DXY) fell to three-year lows last week and, at the time of writing, is challenging those lows once more.

Markets selling dollar even lower Monday. DXY fell through 100 and also the 2023 low over last few hours, now at lowest in 3 years pic.twitter.com/MJ8wvvJuY2

— David Ingles (@DavidInglesTV) April 14, 2025

While far from constant, Bitcoin’s relationship with dollar strength tends to show that gains occur after major DXY losses — albeit with a delay of several months.

To that end, popular analytics account Bitcoindata21 is eyeing a repeat of events from 2017, resulting in BTC/USD all-time highs at the end of the year.

US dollar index (DXY) fractal. Source: Bitcoindata21/X

Another chart uploaded to X at the weekend showed the relationship between DXY, Bitcoin and the S&P 500, providing ideal conditions for a long-term bottom in the latter.

The last time such a signal came was around one month before the pit of the Bitcoin bear market in late 2022.

“I got 99 problems but the DXY aint 1,” Bitcoindata21 summarized.

BTC/USD vs. S&P 500 vs. DXY chart. Source: Bitcoindata21/X

A bull market rebound in the making?

On longer timeframes, an equally promising trend is playing out for Bitcoin bulls.

The global M2 money supply, with which Bitcoin price action is positively correlated, is seeking to break out beyond all-time highs.

“Global M2 has remained at an ATH for 3 days in a row,” popular analyst Colin Talks Crypto noted in a dedicated X post on the phenomenon this weekend.

“This is a fantastic sign for what it signals will be coming into risk assets in ~108 days.”

BTC/USD vs. global M2 supply. Source: Colin Talks Crypto/X

The post refers to a chain reaction in which sharp moves in global M2 spark copycat behavior for Bitcoin once the latency period expires.

Before that, however, there may be a final opportunity to “buy the dip.”

“Global M2 (with a 108-day offset) doesn’t show a blast-off for another ~2 1/2 weeks, and actually shows a slow bleed into next week until around April 16th or 17th,” Colin Talks Crypto acknowledged.

Earlier this month, the analyst predicted a “big M2 influx” incoming, with a corresponding BTC price rebound beginning in May.

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.

Coin Market

What happens to a blockchain when nobody uses it?

Published

2 hours ago

April 14, 2025

Why some blockchains die

Blockchains can die from flawed tokenomics, scams, security issues or lack of community and development momentum. Without active participation, even cutting-edge technology gathers dust.

Ever heard of a blockchain that no one uses? It happens more often than you think. While the cryptocurrency space is full of innovation, but not every blockchain finds its tribe. Some are ghost towns with zero transactions, no developers and just a handful of holders stuck with worthless tokens. So, what makes a blockchain go quiet? And can they ever come back to life?

Not all blockchains are built to last. Some blockchains, like Bitcoin, Ethereum and Solana, have survived harsh market conditions, proving their resilience. Terra, however, plummeted from top-tier status to near oblivion in 2022 after its algorithmic stablecoin imploded.

Even well-intentioned projects can fail. Without ongoing development, user incentives or a strong community, blockchains can become unusable. Once the validators stop running nodes, the network effectively turns into a broken time capsule.

Blockchain adoption challenges in 2025

Blockchain adoption in 2025 still faces hurdles like unclear regulation, fragmented developer tooling, infrastructure gaps and the struggle to attract real users over bots despite some chains like Ethereum and Solana paving the way forward.

Regulatory uncertainty is one of the biggest roadblocks. Governments are still figuring out how to regulate crypto, and inconsistent or overly restrictive rules can strangle innovation before it takes root. Beyond policy, a thriving developer ecosystem is non-negotiable. Jumping between languages such as Solidity, Rust and Move-based systems demands versatility, and not every blockchain can lure the talent it needs to grow.

Then there’s the user problem — chains are overrun with bots chasing airdrops instead of real people engaging with the tech. Without authentic activity, a network’s bustling metrics are just smoke and mirrors.

Infrastructure is another major hurdle. Strong blockchains need robust tooling, high-quality remote procedure call (RPC) services and a decentralized validator set that ensures uptime and security. In the context of blockchains, RPC services refer to a mechanism that allows applications (like wallets, DApps or developer tools) to communicate with a blockchain network remotely.

On top of that, a thriving blockchain must rally a strong community of users, builders and commentators who genuinely believe in its long-term success.

Handling fear, uncertainty and doubt, or FUD, credibly is another test, especially when negative narratives arise; how a blockchain ecosystem responds can make or break trust. Keeping user loyalty while maintaining a sense of novelty is a delicate balance.

Ethereum has mastered this across multiple market cycles, evolving while retaining its core developer and user base. Since the FTX collapse in 2022, Solana has demonstrated resilience, overcoming reputational damage to rebuild its ecosystem, attract developers, and drive real usage through improvements in speed, efficiency and community support.

Did you know? Blockchain nodes expose RPC endpoints (often via HTTP or WebSocket protocols) that handle these requests. For example, when you use a decentralized app (DApp) on Ethereum, it might connect to an RPC service like Infura or Alchemy to fetch data or broadcast transactions.

What blockchains are still active in 2025?

As of April 2025, Ethereum, Solana, Bitcoin, BNB Chain, Polkadot, Near, Sui and Tron stand out as active blockchains, each excelling in distinct niches — DApps, speed, value storage, affordability, interoperability or scalability.

Active chains show daily user engagement, developer momentum and sustained transaction volume, while inactive ones become digital graveyards.

Not all blockchains are dead, but not all are thriving, either. Below are the insights into the standout survivors shaping the crypto landscape as of April 2025:

Bitcoin: Bitcoin focuses on value storage, with a $1.636-trillion market capitalization on April 6, 2025, and regular transactions. The 2024 Bitcoin halving and approvals of exchange-traded funds (ETFs) keep it relevant. About 960 developers work on scalability, like Lightning Network, despite limited smart contract features.Ethereum: It powers decentralized finance (DeFi), non-fungible tokens (NFTs) and DApps, processing millions of daily transactions via layer 2s like Arbitrum as of April 2025. It had over 5,900 monthly active developers in June 2023. High total value locked (TVL) persists, though gas fees are a challenge without layer 2s.Solana: According to DefiLlama, Solana’s daily active addresses reached 3.68 million as of April 8, 2025. The surge is likely supported by its fast transactions and low fees. After the 2022 FTX dip, it recovered, supporting gaming and DeFi. It had over 1,400 developers in June 2023, with past outages noted as a concern. Also, the TRUMP token’s crash in March 2025, dropping over 85% from its January peak, strained Solana’s momentum.BNB Chain: Binance’s BNB Chain has 1.93 million daily users as of April 1, 2025, with affordable transactions. It shows notable TVL and volume, mainly in DeFi and gaming, though its centralized nature is debated.Polkadot: Polkadot connects blockchains, with over 1,900 developers in June 2023 working on interoperability. It supports multiple parachains, with moderate but growing activity as of April 2025, though it’s less accessible to casual users.Near Protocol: Near logs 3.18 million daily addresses as of April 1, 2025, using sharding for scalability. It supports DeFi and gaming, with developer tools aiding growth, but it’s still proving itself against larger chains.Sui: Sui, with 2.46 million daily users as of April 1, 2025, uses an object-oriented model for speed. Active in DeFi and gaming, it’s newer and lacks the ecosystem depth of older networks.Tron: Tron has 2.45 million daily addresses as of April 1, 2025, focusing on stablecoin transfers like Tether USDt (USDT). It handles high throughput but has limited DApp variety compared to others.

Inactive chains like EOS and Terra, impacted by governance or collapse, contrast with the above blockchains.

So, a blockchain’s success hinges on its daily activity. How many people are actually transacting on a blockchain every day? Are developers still building new DApps? Is there any meaningful transaction volume? If the answer to these questions is “not much,” the chain might be on its way to becoming a digital graveyard.

Did you know? According to Santiment, the top five Ethereum-based cryptocurrencies by development activity in March 2025 were Chainlink (LINK), Starknet (STRK), Ether (ETH), EigenLayer (EIGEN) and Fuel Network (FUEL). This ranking reflects the volume of development work, a key indicator of potential growth and innovation in the crypto market.

Blockchains that faded: What went wrong?

Blockchains like EOS and Terra teach us that hype isn’t enough. A blockchain needs real utility, trust and continuous innovation to survive.

Cases like EOS and Terra show that initial excitement isn’t enough to sustain a blockchain. Long-term survival seems tied to practical utility, trust and ongoing development rather than just hype.

Some blockchains started with potential but struggled to maintain traction. EOS, once called an “Ethereum killer,” raised $4 billion in its 2017 initial coin offering (ICO). By 2025, it saw minimal use, affected by governance challenges and low adoption.

Terra and its LUNA token faced a steeper drop in 2022 when its algorithmic stablecoin unraveled, erasing billions in value.

These examples suggest hype alone doesn’t ensure staying power — blockchains appear to need real use cases, solid security and active evolution.

Community often marks the divide between a blockchain that endures and one that fades. Ethereum has weathered multiple downturns, supported by a large developer base and active users. Developers building DApps draw in users, creating a cycle of growth. Validators and stakers enhance trust, boosting liquidity. Without this participation, even technically advanced chains struggle to remain relevant.

How to spot a living blockchain

Metrics like transaction volume, TVL, developer activity and validator count are essential signs of whether a blockchain is alive and trusted.

How can you tell if a blockchain is healthy? Transaction velocity and volume are major signs. A strong, active blockchain sees consistent transactions, while low activity is a red flag. Total value locked (TVL) is another critical metric because if DeFi users trust a chain, they’ll lock funds into its protocols. A declining TVL suggests that users are leaving.

Developer activity is also crucial. Are new projects launching? Is there ongoing development? A stagnant developer ecosystem often signals trouble. Validator and node count matter, too. A high number of validators shows decentralization and network security. And finally, liquidity and the onchain economy play a big role. If liquidity is drying up, so is the chain’s future.

Developers and founding teams move across blockchains if they can’t scale from where they are originally based. It comes with a cost, often to rebuild skills and user base. But multiple projects moving out of a chain can indicate a bearish trend for the chain, and vice versa could also be true.

For example, on April 3, 2025, the gaming project Infecteddotfun announced that it was shifting from Base to Solana due to scaling struggles. The project’s viral speculative simulation game drew 130,000 signups in 48 hours, overwhelming Base with transaction demand, spiking gas prices and halting gameplay. The team pointed to Ethereum Virtual Machine chain limitations, favoring Solana’s user-centric culture and robust user base.

What brings a blockchain back to life?

Inactive chains can return if they find compelling use cases, have a strong community, offer strong incentives, or evolve into new forms like layer-2 solutions.

So, can a dead blockchain come back to life? Sometimes. The key is finding a reason for people to return. A new use case can revive interest, especially if it solves a real problem. Protocol upgrades that improve scalability, fees or interoperability can also rekindle activity.

Strong incentives, such as grants, airdrops or liquidity rewards, can attract developers and users back to a network. In some cases, struggling projects pivot into layer-2 solutions or merge with more active ecosystems to stay relevant.

But most of all, a thriving community that has a high conviction on the future of a chain can lead to its resurgence from the worst. Solana’s rise from the FTX debacle due to a committed community is a case study in that respect.

The blockchain world moves fast. Some networks thrive, and some fade into obscurity. The ones that last are those with strong community support, real-world utility and continuous innovation. If a blockchain is silent today, it doesn’t mean it’s gone forever, but reviving it takes more than just wishful thinking.

Coin Market

Mantra says one particular exchange may have caused OM collapse

Published

3 hours ago

April 14, 2025

The team behind real-world tokenized asset blockchain Mantra says its native token’s sudden 90% plunge was caused by exchanges forcibly closing positions without notice, with one currently unnamed exchange potentially to blame.

On April 13, Mantra (OM) price dropped from $6.30 to below $0.50, rapidly shedding over 90% of its $6 billion market cap.

“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” Mantra co-founder John Mullin wrote in an April 13 statement on X.

“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” he added.

Source: John Mullin

“That this happened during low-liquidity hours on a Sunday evening UTC, early morning Asia time, points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.”

Mullin told an X user they believe one exchange “in particular” was to blame but said they were still “figuring out the details.” He told others that the centralized exchange in question wasn’t Binance.

Mantra has an upcoming community connect on X, where Mullin says the team would share more information.

Source: John Mullin

Some traders allege the token collapse was a rug pull, while others are speculating the Mantra team had used their tokens as collateral to take out a massive loan from a centralized exchange and the team fell prey to a loan risk parameter change, then a margin call.

Mullin denied these theories in follow-up X posts, saying, “The team did not have a loan outstanding” and haven’t orchestrated a rug pull.

“Tokens remain locked and subject to the published vesting periods. OM’s tokenomics remain intact, as shared last week in our latest token report. Our token wallet addresses are online and visible,” Mullin said.

Source: John Mullin

The price of OM staged a minor recovery in the aftermath of the price collapse, briefly returning above $1, but it is back down and currently trading around $0.7894, according to CoinGecko.

The token hit an all-time high of just under $9 on Feb. 23 and is now down over 91% from that figure.

Source: Star Xu

Millions of Mantra tokens moved in the week prior to collapse

Blockchain analytics platform Spot On Chain said in an April 14 post to X that some OM whales moved 14.27 million tokens to the crypto exchange OKX three days before the crash. In March, the same whales picked up 84.15 million OM for $564.7 million.

“Now, after a brutal 90% drop, their remaining 69.08 million OM is worth just $62.2 million, putting their total estimated loss at a staggering $406.3 million,” Spot On Chain said.

“However, they may have hedged the position elsewhere, and it’s possible they contributed to the sharp drop.”

Source: Spot On Chain

At the same time, blockchain analytics platform Lookonchain said that since April 7, at least 17 wallets deposited 43.6 million OM into crypto exchanges, representing 4.5% of the circulating supply.

In January 2025, Mantra and investment conglomerate DAMAC signed a $1 billion deal to tokenize the investment conglomerate’s various assets.

Meanwhile, Mantra announced on Feb. 19 that it had received a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority.

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