The MANTRA (OM) token’s wild crash on Apr 13, 2025, shocked the crypto world. Discover the causes, fallout, and what’s next in MANTRA’s road to recovery.

In the morning and daytime hours of Apr 13, 2025, the MANTRA blockchain's native token, OM, sat at a respectable market cap of $6 billion, making it the third-highest-ranked cryptocurrency in the 

 (RWA) category, the area the platform specializes in. Everything seemed like smooth sailing for the token.

Then, just after 6 PM UTC, the price of the OM token suddenly began to free-fall, declining from nearly $6 to about $0.50 in the space of just two hours.

A project that started the day as one of the top players in the RWA field was now worth 90% less as the evening approached. OM's abrupt, sharp crash immediately caught the market's attention, with speculation of a 

However, MANTRA's CEO, John Patrick Mullin, immediately sprang into action for PR damage control on social media, reassuring the public that the team members weren’t dumping OM tokens at all. Instead, MANTRA's founder and CEO alleged that deliberate actions of some 

 (CEXs) had caused the catastrophic plunge.

As of our coverage date of Apr 23, 2025, this is a developing story. In this article, we’ll establish what actually happened, who's involved and what awaits the OM token in the foreseeable future.

 decentralized network dedicated to RWA tokenization and utilization in compliance with real-world regulatory requirements.

 It features high scalability and low transaction fees. The project is one of the earliest initiatives dedicated to RWA use via blockchain technology. Originally, MANTRA debuted as a 

 (ETH) in August 2020. In October 2024, the project migrated to its own dedicated Layer 1 platform, the MANTRA Chain. The MANTRA blockchain is based on the Cosmos SDK framework, and is part of the wider 

The MANTRA ecosystem's main products include MANTRA DEX, a 

 (DEX); a digital identity (DID) management tool; a compliant token development and management solution; and a comprehensive compliance and permissioning system. MANTRA has also partnered with global powerhouses like Google Cloud, and with DAMAC Properties, one of Dubai's most prominent developers, to propel innovative solutions for 

Starting in late 2024, right after its own dedicated mainnet launch, MANTRA had become a significant player in the RWA corner of 

 (DeFi). By late February 2025, the platform’s native OM token had climbed to a value of nearly $9, with its market cap peaking at around $8.2 billion. Before the fateful events of Apr 13, 2025, OM was the third-highest-capped crypto in the RWA category, trading at $6.27, with a market cap of slightly over $6 billion, according to the CoinGecko portal.

In the evening hours (UTC time) of Apr 13, 2025, OM began to lose its value precipitously, dive-bombing from over $6 to about $0.52 in the space of two hours. The token’s market cap fell to slightly under half a billion dollars — a loss of more than 90%.

CEO John Mullin was quickly online, reassuring the crypto community that no team member had sold their OM holdings, and that this wasn’t a case of the bad ol’ rug pull. Instead, Mullin alluded that after OM tokens were moved to two leading CEXs (Binance and OKX) to use as collateral, the exchanges initiated a cascade of 

 of positions backed by the token. Both exchanges refuted the allegations, and connected OM’s price collapse to its recent unusually high price 

, and significant tokenomics changes made to OM in October 2024 that greatly undermined its value.

As a chain of liquidations took place, the token’s price started to plummet, causing significant panic that quickly led to further price drops. The situation only stabilized closer to the end of the day, with OM’s price remaining under $1. As of Apr 23, it’s trading at $0.5543 — a far cry from its rate of over $6 just two weeks ago.

After investigating, crypto analytics firm Lookonchain concluded that 17 wallets had deposited 43.6 million OM tokens (4.5% of the token's circulating supply) into the implicated exchanges. Two of these wallets are believed to belong to Laser Digital, one of MANTRA's investors. Another investor in the project, Shorooq Partners, is also suspected to be among the 17 wallets. Both Shorooq and Laser Digital have denied the allegations.

Although the price plunge was immediately compared to the 2022 collapse of the 

 (LUNA) blockchain, many analysts point out that the two crashes are fundamentally different. Terra's crash resulted from structural abnormalities in the 

 regulating UST, the project's stablecoin. In contrast, OM's fiasco is suspected to be the direct result of market-driven manipulation by 

, and possibly exchanges. No security breach, disruption to services or data, or other adverse structural events have occurred on the platform.

While this development is unprecedented for the project, MANTRA has been embroiled in other controversies throughout its history. One of these was its 

, first announced in August 2024 and then delayed multiple times. Around 50% of the wallets believed to be bots were cut off from the airdrop list. However, many considered the bot-culling process to have been conducted without much proof.

There have also been reports of vote rigging in the project's governance system in a bid to obscure MANTRA’s centralized model of profit allocation. Additionally, some analysts have accused the project of "forced bridging" to manipulate the market price. Platform users had to migrate their Ethereum-based OM tokens to MANTRA's native OM tokens via 

, which would increase gas fees and allow the project team to control the token's circulation pace.

How is MANTRA (OM) headed toward recovery?

MANTRA’s CEO rapidly reassured users that the team is now working hard to jump-start the token’s recovery. On Apr 14, 2025, Mullin unveiled plans to initiate a buyback scheme, along with the intent to burn all OM tokens held by the project team. The team's supply totals 300 million tokens, representing about 17% of the total supply.

He also denied factually incorrect assertions circulating online that the team effectively controls 90% of OM's supply. Mullin further assured the public that no large-scale selling events by investors have occurred.

As OM’s value has stayed firmly under $1, it remains to be seen how these PR efforts — as well as the planned buyback and burn — will affect the token’s future.

 as a swap pair with USDT, or on the Derivatives market as the 

Naturally, given the ongoing situation with the OM token, buying OM is at your own discretion, as right now the token is truly for the adventurous and brave at heart.

As of Apr 23, 2025, the OM token is trading at $0.5543, 93.8% lower than its ATH of $8.99 on Feb 23, 2025, and 3,138.8% higher than its ATL of $0.01726 on Oct 12, 2023.

Curiously, most crypto price prediction portals are optimistic about the OM token's long-term prospects. DigitalCoinPrice 

 of $1.81 in 2027 and $2.82 in 2030, whilePricePrediction 

It's hard to verify all the allegations flying around regarding the involvement of exchanges and key investors in the MANTRA OM incident. What matters at this stage is that the project team has been quick and proactive in injecting transparency and clarity into the situation.

The free fall in the token's price seems to be over by now. In fact, OM’s decline was over within hours of the incident. Moreover, unlike Terra's LUNA and UST coins, OM hasn't become worthless. All these factors point to potential stabilization and recovery ahead. The question now is: Will the pace and magnitude of the recovery be enough to save the project in the long term? At this early stage after the collapse, few people could answer the question with confidence. We'll eagerly await the developments over the next few weeks to see if MANTRA finds its way out of the woods. 

Intermediate

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MANTRA (OM): Understanding its wild ride and road to recovery

In this article, we explore WalletConnect's features, its native token (WCT) and how you can trade WCT on Bybit Spot and Futures.​

WalletConnect is an open source bridging protocol that facilitates secure connections between digital wallets and 

 (DApps). With over 38 million unique active wallets and 57,000 supported apps, it’s getting noticed by the crypto community. In this article, we explore WalletConnect's features, its native token (WCT) and how you can trade WCT on Bybit.​

 protocol that allows users to connect their mobile wallets to DApps via QR code. This eliminates the need for browser extensions, and enhances security by keeping 

The protocol supports a wide range of wallets and DApps, making it a versatile tool for users navigating DeFi and web3.

 is essentially a decentralized infrastructure that facilitates a uniformed way for users to easily connect their crypto wallets with thousands of DApps. It operates through a network of

 that relay messages, ensuring reliable and secure connections. The network's design emphasizes scalability and resilience, catering to the growing demands of DeFi. 

When a user initiates a connection between their wallet and a DApp, WalletConnect establishes a secure session through a relay server that enables encrypted communication, allowing users to interact with DApps directly from their wallets. 

The network's architecture ensures that messages are transmitted efficiently, maintaining a seamless user experience.​

The WalletConnect ecosystem comprises various stakeholders, including node operators, wallet providers and DApp developers. Node operators play a crucial role by maintaining the network's infrastructure and relaying messages. 

To incentivize participation, the network implements a rewards mechanism whereby node operators earn WCT tokens, based on their performance and contribution. Prominent organizations like Consensys, Ledger and Figment are among the network's node operators, underscoring its robustness and reliability.​

 is the native utility and governance token of the WalletConnect network. It has a total supply of 1 billion, 

Initially, WCT is nontransferable to ensure that tokens remain within the WalletConnect ecosystem, supporting its focus on network functionality and development. Based on discussions within the community, transfers will be enabled based on community consensus and future governance decisions.

Where to buy the WalletConnect token (WCT)

 on Bybit Spot, and as a Perpetual contract with up to 75x 

. Bybit provides a secure and user-friendly platform for buying and selling WCT, allowing users to participate in the WalletConnect ecosystem. 

How to trade the WalletConnect token (WCT) on Bybit

Bybit's platform ensures efficient execution and provides various tools to assist users in their trading journey with ease.​ 

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WalletConnect (WCT): Bridging web3 beyond wallets and DApps

Circle has launched the Circle Payments Network (CPN), a global payment solution designed to streamline cross-border transactions using stablecoins like USDC and EURC for real-time settlement. 

The S&P 500 rose 2.51% as investor confidence improved following President Trump’s support for Fed Chair Powell and hints of easing U.S.-China trade tensions, despite tempered optimism and Tesla’s earnings miss. Gold rebounds toward $3,400 as the US Dollar weakens and investor caution lingers over US-China trade and Fed concerns. Technicals suggest a possible pullback, with focus shifting to upcoming S&P Global PMI data. The Coindesk Indices, which tracks the broader crypto market, rose 7.46%, with Bitcoin and Ether up 4.68% and 7.70%, respectively, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is DEEP, up 122.1%, following the launch of DeepBook v3.1 on Sui, which unlocks permissionless pools, enhanced balance management, and cost-efficiency for DeFi.

DeepBook (DEEP), launched on July 12, 2023,  is Sui’s native liquidity layer, using a central limit order book to enable high-throughput, low-slippage, and low-fee trading. 

, introduces several key upgrades: permissionless pools, revamped fee mechanics, and enhanced balance management. These changes make DeepBook more accessible, composable, and cost-efficient for DeFi users. Permissionless pools allow anyone to create custom trading pairs, while the enhanced balance manager supports third-party liquidations and improves protocol stability and user experience.

Check out the latest prices, charts, and data of 

, a global payment solution designed to streamline cross-border transactions using stablecoins like USDC and EURC for real-time settlement. CPN offers faster, programmable, secure, and always-available money movement for financial institutions. It supports services like invoice payments, remittances, treasury services, and payroll payouts. Over 20 design partners, including dLocal, WorldRemit, and BVNK, are contributing to building a more efficient global payments infrastructure.

Yesterday, Bitcoin spot ETFs saw $719.2M in total inflows, with $654.1M from non-GBTC funds and $65.1M from GBTC.

 its incentivized testnet, allowing users to earn $SO tokens by testing its cross-chain lending platform. By supplying and borrowing assets across chains and completing quests, participants earn "Seeds," which will convert to $SO at TGE. Powered by LayerZero, Soul aims to unify liquidity across blockchains.

Beginner

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Circle launches Circle Payments Network for faster, secure global transactions using stablecoins

VeChain (VET) is a blockchain platform focused on sustainability, using eco-friendly technology to support green initiatives across industries and drive a more sustainable future.

Sustainability is now the name of the game across many industries. The blockchain industry is one of them, with several projects aiming to reduce the energy impact of their operations or support green causes in other ways. However, on closer inspection, sustainability has received much less attention in the world of blockchain technology than many people may assume. Indeed, the industry's two leading data portals, CoinGecko and CoinMarketCap, have no "Sustainability" or similar category, despite coming up with hundreds of other classifications.

Some smaller-cap projects outside of the top 100, such as 

 (IOTA), do focus on supporting environmental causes. But in the entire list of top 100 cryptocurrencies by market cap, only one project can confidently be described as having sustainability as its key pillar — 

With a market cap of $2 billion (as of the time of writing on Apr 22, 2025), VeChain stands head and shoulders above any other crypto project in the sustainability niche. The project has been fully operational since 2018, and is among the oldest environmentally focused blockchain initiatives. In short, if we talk about sustainability and blockchain, it would be disingenuous not to mention VeChain and its 

Having championed green blockchain causes since 2018, VeChain announced a significant upgrade initiative in late 2024 to be rolled out in stages during 2025. Called Renaissance, it’s envisioned to further solidify VeChain's position as the leader of eco-friendly blockchain use and introduce a host of technical improvements. In fact, 2025 is the year of the most fundamental upgrade to this notable industry player in its entire history on the market, so it's precisely the time to revisit this project in our coverage.

VeChain (VET) is a decentralized project designed to support sustainability-focused blockchain use cases across various industry verticals.

 The company was first conceptualized and founded as a blockchain project in 2015 by Chinese technology professional Sunny Lu. It launched its Layer 1 network, VeChainThor (VTHO), in mid-2018, becoming one of the first decentralized initiatives to support eco-friendly applications on-chain. The VeChainThor network features low transaction fees and high levels of scalability.

For years, the VeChain blockchain has remained probably the leading decentralized platform in the niche of sustainability. As of April 2025, it retains the leadership position, and is ranked 56th among all cryptocurrencies, with a market cap of $2 billion.

VeChain's sustainable blockchain technology

Many blockchains claiming to support environmental causes typically use the 

, which is indeed much more energy-efficient than the power-hungry 

 (BTC). By using PoS, these blockchains have boldly announced that their energy use is much lower than Bitcoin's. While this is true, these platforms are essentially general-purpose networks that don't specifically design their operations with any particular sustainability use case in mind.

Instead of these two typical consensus mechanisms, the VeChainThor blockchain uses 

 (PoA), touted to be even more energy-efficient than the standard PoS employed by 

 chains. In a typical PoA consensus, a smaller number of validators with "authority" — i.e., a history of reliable behavior on the network — are entrusted to process blocks. This is in contrast to PoS, whereby many validators take part in the staking contest to outperform each other in terms of token holdings. They then receive the right to validate the next block, and have to constantly align their consensus process with other 

As a result, PoS is usually less energy-efficient than PoA. VeChain's PoA model elegantly combines efficient processing, minimal energy use and high levels of enterprise-grade security.

The VeChainThor blockchain network's processing engine also features compatibility with the 

 (EVM), making cross-chain communication with the Ethereum world much easier for VeChain developers and 

PoA block validation isn’t the only sustainability-minded feature of VeChain. Unlike many other popular chains, VeChain also directly enables sustainability use cases, primarily by utilizing its tamperproof and transparent data-tracking mechanism. Thus, enterprises across different industries can track and reliably verify the origin of goods and their sustainability status for eco-friendly supply chain management. For instance, supermarket chains can use the platform to track and verify the carbon footprint of the produce they source; logistics companies can calculate the overall emissions generated along their supply chains; and fashion brands can track sustainable sourcing of materials used for their product lines.

Besides its own blockchain, the project also offers a blockchain-as-a-service (BaaS) platform, VeChain ToolChain, to help businesses integrate VeChain's technology into their business processes via standardized smart contract services.

To further position itself as a champion of sustainability, VeChain launched 

 represents an on-chain ecosystem of DApps that reward VeChain users for completing various eco-friendly tasks, such as using reusable coffee cups, shopping for organic products, picking litter off streets and more. VeBetterDAO is the project’s foray into the individual consumer side of environmentalism, which complements the VeChain platform’s long-standing sustainability features for the enterprise world.

In late 2024, VeChain first announced its planned multi-stage upgrade, Renaissance, to make the platform even more efficient. Its changes are envisioned to take place gradually throughout 2025, and possibly beyond. The Renaissance upgrade touches many parts of the platform, with three key areas involved — a new VeChain staking and node model, technical updates and changes to the dual token mechanism. We'll cover the first two areas below, and the changes to VeChain’s tokenomics in the next section.

VeChain’s PoA block validation model uses a group of 101 trusted Authority Masternodes (AMs) who will fully transition to Validators under the new Renaissance model by December 2025. Each Authority Masternode is approved by the VeChain Foundation. These nodes are responsible for generating transaction blocks. You’ll need to 

 at least 25 million VET to participate in block production, which occurs in fixed 14-day cycles.

Under the platform’s pre-Renaissance model, there are two more types of specialized nodes — Economic and X-Nodes — who stake their tokens to a selected AM/Validator and participate in 

 on the platform. After the Renaissance upgrade is fully rolled out, Economic nodes and X-Nodes will be replaced by a tiered system of Delegator nodes.

Delegators will need to stake a certain amount of VET tokens to mint Delegator 

, which will entitle them to different grades of staking reward multipliers. The more you stake, the higher grade of NFT you receive, and the higher your staking rewards will be. When blocks are produced, AMs/Validators will receive 30% of the total block reward, with the remaining 70% going to holders of the Delegator NFTs.

The image below shows the new Delegator NFT–tiered model, with minimum VET staking requirements and reward multipliers.

While the VeChainThor network is EVM-compatible, there are still differences between its technical parameters and the standard EVM used by Ethereum. For this reason, the Renaissance upgrade aims to reach full EVM compatibility, including implementing the JSON-RPC (

remote procedure call) extensively employed within the Ethereum blockchain.

As part of the Renaissance upgrade, the project will also introduce a new set of tools to achieve more seamless cross-chain capabilities. This will involve integrating new 

The VeChain token model has always been based on two cryptocurrencies: VET and VTHO. VET is the 

 that acts as the main means of value storage and transfer on the platform, while VTHO is used to pay for gas. Now, the Renaissance upgrade also changes the way the dual-token mechanism operates.

Before the upgrade fully kicks in, VTHO is still generated by simply holding VET. After the Renaissance, only staked VET will generate new VTHO for the holder. This should better align VTHO with the active participation of users on the platform. VTHO's inflation rate will also be cut by over 70%, as its issuance will be aligned to a new emission model that considers the total amount of VET staked on the platform.

To further reduce the inflationary properties of VTHO, 100% of all base transaction fees on the network, which are all paid with VTHO, will be 

VET is the platform’s value transfer and storage token. It’s also used for governance and access to various features and apps on the network. VET is a supply-capped token with a max supply of just over 86.7 billion. These properties will not change following the Renaissance upgrade.

VTHO, which is used to pay for gas fees on VeChainThor, is an inflationary token with an uncapped supply. It currently has a total supply of almost 88,7 billion. As noted above, after Renaissance, VTHO will be generated via staking only, and will feature a burn mechanism to reduce its inflation rate.

 as a swap pair with USDT, and on the Derivatives market as the 

In addition, you can take advantage of Bybit’s event dedicated to the VET token to grab a share of a 

. New users can earn VET rewards by accumulating a deposit volume of at least 5,000 VET, or by depositing at least 100 USDT and trading 100 USDT worth of VET via their first Spot trade using their Bybit account. Meanwhile, existing users can also qualify for rewards by trading at least 500 USDT worth of VET on the Bybit Spot market. The event runs through Apr 28, 2025, 9AM UTC.

As of Apr 23, 2025, the VET token is trading at $0.02576, which is 90.8% lower than its ATH of $0.281 on Apr 19, 2021, and 1,243.2% higher than its ATL of $0.001917 on Mar 13, 2020.

Long-term price forecasts for VET are mostly bullish. DigitalCoinPrice 

 of $0.088 in 2027 and $0.14 in 2030, while PricePrediction 

In the long term, VET might even rise to $1, at least according to PricePrediction’s forecast. Its portal is highly optimistic, estimating that VET will hit the $1 mark in 2034.

You might consider investing in the VeChain token VET based on the following:

When Sunny Lu created VeChain in 2015, his vision focused on sustainability issues. VeChain's work in this area has led to the creation of the first decentralized network truly dedicated to making a tangible environmental impact. The entire VeChain ecosystem — including the VeChainThor blockchain platform, VeBetterDAO and VeChain Toolchain — continues to serve as a significant enabler of sustainable technology in the business world.

Now, with the Renaissance upgrade being rolled out for the duration of 2025, VeChain aims to solidify its leadership in this sphere. With the Renaissance upon us, it's hard to see any blockchain platform that could challenge VeChain in the area of sustainability anytime soon.

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What is VeChain (VET): Building a sustainable future for all

StablR USD (USDR) is a MiCA-compliant stablecoin, fully backed 1:1 with USD, offering secure, transparent digital payments in the European economy.

 continues to gain ground in the crypto world, most countries are leaning toward having a framework to govern and regulate these digital assets. One such framework is the Markets in Crypto-Assets Regulation (MiCAR, or MiCA for short), the European Union’s gateway for regulating digital assets that aims to provide legal clarity, consumer protection and financial stability.

 — particularly those pegged to fiat currencies — must meet strict standards for transparency, reserve backing and operational governance to be approved for circulation in the EU.

StablR USD is a fully MiCA-compliant, eurozone-issued stablecoin pegged 1:1 to the United States dollar. Built with regulatory alignment at its core, StablR offers a transparent, secure and compliant digital dollar solution tailored for the European market, making it a key player in the future of regulated digital finance.

Let’s learn more about this electronic money token and stablecoin.

 is a company that offers MiCA-compliant electronic money tokens (EMTs) pegged to the dollar at a ratio of 1:1 to each of its fiat equivalents. 

 to provide transparent, secure and regulatory-compliant EMTs that fuel the global economy.

The Malta-based Dutch company currently offers two MiCA-compliant stablecoins: EURR and USDR. EURR is a fiat-backed stablecoin, pegged to the euro 1:1, that runs on the Ethereum blockchain. Meanwhile, USDR is its US dollar–backed stablecoin counterpart that can be redeemed for its fiat equivalent at any time.

StablR is keen on transparency, providing a 

 (PoR) page that shows the current supply and reserves available for its stablecoins. The company leverages a trusted banking custodian to ensure the reserves match or exceed the issued stablecoins.

StablR USD (USDR) is a eurozone-issued, MiCA-compliant 

 fully backed 1:1 with US dollar reserves held in EU-regulated financial institutions. Designed for stability, transparency and regulatory alignment, it offers a secure and compliant gateway to digital finance within the European Union (EU).

Importantly, StablR USD (USDR) isn’t the same as Real USD (USDR), a separate token that recently experienced a significant depeg. StablR USD maintains full transparency and stability, offering real-time reserve attestations, strict compliance with MiCA regulations and the right of redemption for authorized users. This ensures that each USDR can always be redeemed for $1. 

With its strong regulatory foundation and commitment to transparency, StablR USD is positioned as a trusted stablecoin for the future of tokenized finance in Europe.

An electronic money token (EMT) is a type of crypto asset defined under MiCA. EMTs are digital representations of fiat currency — just as the euro or StablR USD (USDR) is a eurozone-issued, MiCA-compliant stablecoin fully backed 1:1 with US dollar reserves held in EU-regulated financial institutions. Essentially, EMTs are a form of stablecoins, and are digital versions of traditional e-money, combining the speed and efficiency of blockchain with the reliability of government-issued currencies.

To be classified as an EMT under MiCA, a stablecoin must meet strict regulatory requirements, including full reserve backing, daily redemption rights and transparency around reserve holdings. Issuers must also be authorized by an EU financial authority, and comply with ongoing audits and consumer protection measures.

EMTs are designed to enable everyday payments, digital commerce and cross-border transactions, offering a compliant and stable alternative to more volatile crypto assets.

You can buy USDR on Bybit’s Spot trading platform (Netherlands only), where it's available as part of two pairs, USDR/USDT and BTC/USDR.

To celebrate the listing, Bybit is holding three special events 

 that will run through May 11, 2025, 9AM UTC. You need to register for the events to get started.

As MiCA regulations take hold, StablR USD (USDR) is leading the way in trustworthy, tokenized value powered by blockchain technology. Its diverse range of use cases, from payments to DeFi, position it as a cornerstone for compliant digital finance. A reliable, MiCA-compliant stablecoin that’s purpose-built for the European digital economy with full 1:1 USD backing held in regulated EU financial institutions and the right of redemption, StablR delivers trust and security in the rapidly evolving stablecoin market.

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StablR USD (USDR): A trusted digital dollar for a borderless economy

In this article, we cover key economic releases amidst Trump's tariff hikes and resulting recession fears. We also look at what investors are watching leading up to the May 6 FOMC meeting, and how it might affect global markets and Bitcoin.

It's a tricky time for global financial markets, with worries swirling around US trade policy and its potential economic effects. Big tariff hikes in the ongoing US-China trade war have made the future feel uncertain, shaking things up for traders and investors.

As everyone tries to make sense of it all, key economic reports are giving us clues. Meanwhile, all eyes are on the upcoming Federal Open Market Committee (FOMC) meeting on May 6-7, 2025, for hints about where interest rates might be headed. Let's break down the latest data and look ahead to what the Fed might say.

Economic numbers released so far in April have significantly influenced market sentiment amid trade tensions and policy questions. These reports offer a snapshot of the US economy's health just before the newest tariffs start making their mark.

The US job market is still holding up, though some details suggest caution. Initial jobless claims for the week ending April 12 

. That's the lowest since February, and better than the 225,000 applications economists predicted, suggesting companies didn't immediately cut jobs after US president Donald Trump's 

However, continuing claims — the number of people receiving unemployment benefits after the first week — edged up slightly to 1.89 million for the week ending April 5. While new claims are low, higher continuing claims compared to a year ago suggest it might be getting tougher for laid-off workers to find new jobs. A strong job market could mean the Fed feels less pressure to cut interest rates, potentially helping the US dollar but weighing on riskier assets like stocks and crypto.

Good news arrived with the Consumer Price Index (CPI) report 

, showing inflation cooled more than expected in March. Headline CPI dipped 0.1% from the previous month, pulling the yearly rate down to 2.4% (from 2.8% in February), below the 2.6% Wall Street forecast.

More importantly for the Fed, core CPI (excluding food and energy) only nudged up 0.1% monthly. This brought the annual core rate down to 2.8%, its lowest since March 2021 and better than the 3% forecast. Lower energy costs — especially gas (−6.3% MoM) — played a big part. While softer inflation usually supports rate cuts, the looming impact of tariffs complicates things, as these duties are expected to push prices higher.

Following the encouraging CPI numbers, the Producer Price Index (PPI) on April 11 also pointed to easing costs for producers. Headline PPI 

 in March against forecasts of a 0.2% rise, slowing the annual rate sharply to 2.7% from 3.2%. Core PPI also fell 0.1% month-over-month, bringing its yearly rate to 3.3%.

Falling energy prices were again a major factor. But the report wasn't all positive — it showed early signs of tariffs hitting, with wholesale iron and steel mill prices jumping 7.1% in March, the biggest monthly leap since April 2021. If these input costs keep rising due to tariffs, it could squeeze company profits and push bond yields higher.

Markets have been volatile, reacting to economic data and trade policy shifts. US stocks saw big swings, with the S&P 500 reacting to both tariff fears and inflation news. When Trump 

 (excluding China) on April 9, it sparked a major relief rally. The S&P 500 had its 

, gaining 9.5% following the news, but overall uncertainty still lingers.

Bitcoin's price certainly reflected this turbulence. Following the April 1 JOLTS report

 from $82,563 to hit a recent high of $86,891 on April 2. However, the gains didn't last, as the price subsequently fell to $74,830 by April 7 amid intensifying US-China trade war tension. 

A recovery brought BTC back to $83,020 by April 10, but it dipped again before getting a boost from the better-than-expected core PPI report on April 11. This pushed the price up from $79,664 on April 11 to $84,074 by April 17. As of April 22, 2025, Bitcoin is trading at around $88,000.

As the US dollar weakened and recession worries grew, gold prices 

, hitting record highs as investors sought safety in the precious metal.

Fed FOMC on May 6–7: What are investors watching?

The upcoming FOMC meeting on May 6–7 is a key focus for traders seeking clarity on interest rates. Markets widely expect the Fed to keep the federal funds rate steady at 4.25%–4.50%. Although March's inflation cooled somewhat, it's still above the Fed's 2% target. Officials have signaled patience, especially with the job market looking stable — something Fed Chair Jerome Powell recently described as being in 

Most investors will watch the FOMC's statement and Powell's press conference for changes in tone, especially regarding tariffs. Fed officials like New York Fed President John Williams have acknowledged tariffs will likely boost inflation and slow growth.

 GDP growth could fall below 1% and inflation could rise to between 3.5% and 4% this year, due to tariffs and less immigration, stating it's "simply too early to know the answers" because of the uncertainty. Powell himself also noted signs the economy might have slowed in the first quarter.

While a May rate cut looks highly unlikely — the 

 shows slim odds — investors will listen for hints about when future cuts might occur. Market analysis suggests a cut at the June 18 meeting is more likely than not. Further out, markets might be pricing in about 

, but predictions vary (from one cut to five). Any sign that cuts could be delayed beyond June, or that the Fed is more worried about inflation, could negatively impact risk assets such as crypto.

Current market sentiment has sunk to extreme fear territory for the past month. Tariffs and recession fears drove a sharp sell-off in global markets and crypto, while economic data is sending mixed signals — a strong job market alongside cooling March inflation right before new tariffs hit.

The upcoming FOMC meeting is pivotal. A rate hold is expected, but the Fed's view on tariff impacts and future rate cuts will be critical. Crypto and equity traders should pay close attention to Fed communications and economic data in order to navigate the uncertainty and adjust their strategies.

If you're looking to diversify or manage risk across different assets, 

 makes it easy to trade gold, forex and other traditional finance markets alongside crypto via our

. You can trade over 100 pairs with features like tight spreads, tailored fees, top-tier liquidity and up to 500x leverage. 

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Macro this week: Tariffs, recession fear and the Fed’s next move ahead of May 6 FOMC meeting

A wallet address is a group of letters and numbers used for sending and receiving cryptocurrencies and other digital assets. It can be shared to facilitate digital transactions.

Wallet Address

An airdrop is a type of marketing strategy that involves sending crypto wallet addresses a few tokens or coins in exchange for small tasks, such as sharing a social media post. This is usually done to increase public awareness of a new cryptocurrency.

Airdrop

An algorithm is a finite sequence of instructions used to perform a calculation or to process data. These instructions must be completed in a specific order to produce the desired result.

Algorithm

All-time high, or ATH, is a term that refers to the highest historical price a cryptocurrency has reached since its initial launch.

All-Time High (ATH)

All-time low, or ATL, is an abnormally low price point. A crypto asset reaches its all-time low when the price of its coin is lower than it has ever been before.

All-Time Low (ATL)

An angel investor is an individual, usually of high net worth, who provides funding for entrepreneurs or startups in exchange for a percentage of ownership in the venture.

Angel Investor

Anti-money laundering, or AML, is any type of method that prevents criminals from moving illicit funds with crypto.

Anti-Money Laundering (AML)

Arbitrage is the buying and selling of the same asset concurrently in different crypto markets to earn a profit from the temporary price differences that are due to market inefficiencies.

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