Source: Cointelegraph Original: "{title}"
This week, Mantra's OM token plummeted over 90% within hours on April 13 (Sunday), prompting investors to compare it to previous black swan events such as the Terra-Luna collapse, severely impacting the sentiment of cryptocurrency investors once again.
In other news, a report released by Coinbase for institutional investors heightened concerns, emphasizing that the cryptocurrency market may be in a bear market until a recovery in the third quarter of 2025.
The recent token crash of Mantra highlights an issue within the cryptocurrency industry, where fluctuations in weekend liquidity levels have caused additional downward volatility, potentially exacerbating the token's collapse.
According to Cointelegraph, on April 13, Sunday, the price of Mantra (OM) token dropped over 90%, falling from around $6.3 to below $0.5, leading disappointed investors to accuse market manipulation.
Gracy Chen, CEO of cryptocurrency exchange Bitget, stated that while blockchain analysts are still piecing together the reasons behind the OM crash, the event highlights several key issues within the cryptocurrency industry.
"In Cointelegraph's Chainreaction daily X program, Chen added: "The OM token crash exposed several key issues, and what we are seeing is not just with OM, but with the entire industry:
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Coinbase's monthly market review for the publicly listed cryptocurrency exchange shows that while the cryptocurrency market has shrunk, it seems to be preparing for a better quarter.
According to Coinbase's monthly outlook released on April 15 for institutional investors, by mid-April, the market capitalization of altcoins shrank by 41% from a peak of $1.6 trillion in December 2024 to $950 billion. Data from BTC Tools shows that this metric hit a low of $906.9 billion on April 9 and was at $976.9 billion at the time of writing.
Reports indicate that venture capital funding for cryptocurrency projects decreased by 50%-60% from 2021 to 2022. David Duong, Coinbase's global research director, emphasized in the report that a new cryptocurrency winter may be on the horizon.
"He said: "Due to the onset of global tariffs and the possibility of further escalation, some extreme negative sentiment has formed, so several converging signals may point to the beginning of a new 'cryptocurrency winter.'
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Kenny Li, co-founder of Manta Network, stated that he was a target of a recent sophisticated phishing attack on Zoom, which used live recordings of familiar people to lure him into downloading malware.
In a post on X on April 17, Li mentioned that when the impersonator's camera was on, the meeting seemed real, but the lack of sound and suspicious prompts to download a script raised his alarm.
"I could see their legitimate faces. Everything looked very real. But I couldn't hear their voices. It said my Zoom needed an update. But it asked me to download a script file. I left immediately.
Li then asked the impersonator to verify themselves through a Telegram call, but they refused and quickly deleted all messages and blocked him.
Li stated that the Lazarus Group, a North Korean state-sponsored entity, was behind the attack.
The Manta Network co-founder managed to screenshot his conversation with the attacker before the information was deleted.
In an interview with Cointelegraph, Li expressed his belief that the live footage used in the video call was taken from past recordings of real team members.
"It doesn't seem to be AI-generated. Its quality looks just like typical webcam quality."
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In the first quarter of 2025, the cryptocurrency market continues to recycle old narratives, with few new trends emerging to replace dominant themes.
According to CoinGecko's quarterly research report, AI tokens and memecoins are the dominant themes in the cryptocurrency market for the first quarter of 2025, accounting for 62.8% of investor interest. AI tokens captured 35.7% of global investor interest, surpassing the 27.1% share of memecoins, which still ranks second.
Among the top 20 cryptocurrencies reported this quarter, 6 belong to the memecoin category, and 5 are related to AI.
"CoinGecko co-founder and COO Bobby Ong said in a post on X on April 17: "It seems we haven't seen another new narrative emerge; we are still following trends from the past few quarters. "I think we are all tired of repeating the same old trends."
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The scale of the crypto lending market remains significantly down compared to its peak of $64 billion, but decentralized finance (DeFi) lending has rebounded over 900% from bear market lows.
Crypto lending allows borrowers to use their held cryptocurrencies as collateral to obtain loans in cryptocurrencies or fiat, while lenders can earn interest on their held cryptocurrencies.
A research report released by Galaxy Digital on April 14 showed that the crypto lending market declined from a historical high of $64.4 billion in 2021 to $36.5 billion by the end of the fourth quarter of 2024, a drop of over 43%.
"Galaxy Digital research assistant Zack Pokorny stated: "This decline can be attributed to a reduction in supply-side lenders, as well as a decrease in demand-side funds, individuals, and corporate entities.
The decline of the cryptocurrency lending market began in 2022 when centralized finance (CeFi) lending institutions such as Genesis, Celsius Network, BlockFi, and Voyager filed for bankruptcy within two years due to declining cryptocurrency valuations.
The report noted that their collective collapse led to an estimated 78% crash in the lending market size, with CeFi lending losing 82% of public lending.
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According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 cryptocurrencies by market capitalization closed the week in the green.
The token of decentralized exchange (DEX) Raydium (RAY) surged over 26%, becoming the biggest gainer of the week, followed by the utility token of AB Blockchain (AB), which saw a weekly increase of over 19%.
Thank you for reading our summary of the most impactful DeFi dynamics this week. Please join us next Friday for more stories, insights, and education on this rapidly evolving field.
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