The cryptocurrency market experienced instability over the past week, with major currencies like Bitcoin and Ethereum trading sideways. The OM token of MANTRA plummeted dramatically, while Michael Saylor hinted at renewed Bitcoin investments. Trump criticized the Fed Chair, and Cathie Wood reshuffled her crypto investments.
This past week showcased volatility in the cryptocurrency market, particularly affecting Bitcoin, Ethereum, XRP, and Dogecoin, which displayed a sideways trend amid ongoing tariff uncertainties. One trader recommended caution against going long on these cryptocurrencies, highlighting the market’s indecision and cautious sentiment among investors.
In a significant event, the OM token from the Layer-1 blockchain MANTRA faced a staggering 90% drop on Sunday, leading to a dramatic loss of approximately $4.6 billion in market capitalisation. This crash stunned investors, prompting the CEO to commit to addressing the situation effectively.
Michael Saylor, the co-founder and executive chairman of Strategy Inc. (MSTR), teased a potential resumption of Bitcoin purchases after a brief pause. His ambiguous remark, “No Tariffs on Orange Dots,” has sparked speculation about the future direction of the company’s Bitcoin strategy.
President Donald Trump directed criticism towards Federal Reserve Chair Jerome Powell, particularly for his reluctance to lower interest rates. Despite Trump’s comments, market participants, as per Polymarket data, largely expect no alterations in the Fed’s policy during the upcoming May 7 meeting.
Cathie Wood, through Ark Invest, has made notable transactions, including purchases of shares in Robinhood Markets Inc. (HOOD), ARK 21Shares Bitcoin ETF, and 3iQ Solana Staking ETF. These actions demonstrate a strategic reshuffling within Ark Invest’s cryptocurrency investment portfolio.
