🔊Weekly Market Highlights #146: April 14 - April 20, 2025
✨Despite the absence of major macro news, the crypto market was rocked last week by sharp crashes across several altcoins, most notably OM, which lost over 90% of its value within just one hour.
✨Meanwhile, the Layer-2 landscape faced setbacks, including two major hacks that caused substantial damage and a rising backlash against Base for its memecoin-focused approach.
✨Over the past week, the crypto market total capitalization increased by ~$45B (from ~$2653B to ~$2698B).
✨BTC Stays Calm at $85K
✅The past seven days played out very differently from the previous week. While BTC previously experienced a wild five-digit price swing, things settled down following Trump’s announcement to pause tariffs for most countries, keeping BTC within a narrow trading range throughout the week.
✅After bouncing above $82K last weekend, BTC reached a local high of just over $86K twice, only to be pushed back down to $83K both times.
✅Since then, the asset has been moving in a tighter range between $84K and $85.5K. It’s currently hovering around the midpoint, with many analysts expecting a breakout soon.
✨Featured News
✅Last week, the crypto market witnessed one of its most dramatic price crashes, centered around the MANTRA (OM) project.
On the evening of April 13, the price of OM plummeted from $5.68 to $1.37 in just one hour. It then dropped even further to $0.37, briefly recovered to around $0.85, and continued its downward trend.
In just two hours, OM’s market cap collapsed from $5.6B to approximately $370M, marking an unprecedented wipeout in such a short time.
✅Less than two hours after Base’s official account posted “Base is for everyone” on Zora, an auto-generated token with the same name skyrocketed to a $17M market cap, then crashed 92%.
Despite Base clarifying it wasn’t an official token, many mistook it as Coinbase-backed, fueling hype and backlash. The incident sparked criticism of Base’s lack of responsibility in promoting token creation without clear disclaimers.
✅On the evening of April 15, 2025, ZKsync’s X Twitter account confirmed a security breach targeting its governance wallet. The breach allowed hackers to take control of 66 million ZK tokens, worth approximately $5M.
ZKsync stated that user funds and the protocol remain unaffected, and the incident is isolated to the token airdrop. A full technical report will be released to ensure community transparency.
✅Major Institutions Keep Accumulating BTC:
🔸Strategy: $259M
🔸Metaplanet: $26.3M
📊 Market Indicators
✨Bitcoin Fear and Greed Index is 39 - Fear, up from the week’s start (31)
✅Total 2 Index (Marketcap excluding BTC) is now at $956B
✨Dominance:
✅BTC: 63.2%
✅ETH: 7.2%
📣See you next week!
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