This Week In Crypto
Rumbling in the wake of OM collapse
Abstract
The digital asset landscape is navigating a pivotal moment as we enter the second half of April. Mantra’s OM token suffered a collapse of monumental proportions. At the same time, recent developments in U.S. regulatory policy signal a potential thaw for crypto markets, while institutional players continue to accumulate Bitcoin. This report examines the key events shaping the current crypto environment and their implications for market participants, builders, and policymakers.
1. Terra Lunar echos: OM Token Fallout and DEX Surge
The OM token collapse—linked to speculative fervour and failed governance—has raised questions around the robustness of certain protocol tokenomics. While Mantra and Laser Digital denied any direct involvement, the event underscores the reputational and operational risks in an increasingly fast-paced crypto sector.
Conversely, DEX activity is on the rise. Pump.fun’s Pump.Swap reported over $2.46 billion in trade volume last week alone—a 45% weekly increase. This signals growing appetite for memecoin speculation, and perhaps a behavioural shift towards on-chain platforms amid regulatory uncertainty in centralised exchanges.
2. U.S. Policy Reversal: Trump Eases Pressure on Crypto
Two major policy shifts have emerged from the Trump administration:
Tariff Delay: President Trump announced a 90-day pause on reciprocal tariffs, which, while rooted in trade diplomacy, reflects a broader softening of interventionist economic policy. This could indirectly benefit crypto markets, which often respond to macroeconomic uncertainty and trade instability.
IRS Broker Rule Reversal: Trump also signed a resolution overturning the controversial IRS broker rule for DeFi, which would have forced decentralised protocols and developers to collect and report user data. This move is seen as a win for Web3 advocates, offering breathing room for innovation and decentralised project scaling in the U.S.
These decisions mark a critical shift in regulatory tone and could reinvigorate U.S.-based crypto projects that had been considering offshore relocation.
3. Congressional Scrutiny: AI and Crypto in the Crosshairs
Despite some deregulatory momentum, not all legislative developments are favourable. A proposed U.S. bill now threatens to impose steep fees on data centres supporting AI and crypto applications, citing energy consumption concerns. If passed, this could disproportionately affect small-to-mid-sized miners and decentralised infrastructure providers, particularly in high-cost jurisdictions.
4. Institutional Accumulation: Metaplanet Buys More Bitcoin
Japanese firm Metaplanet has emerged as the ninth-largest public holder of Bitcoin after its latest acquisition. This follows a broader trend of corporates, including MicroStrategy and Tether, consolidating Bitcoin on their balance sheets. Institutional conviction remains firm despite market volatility—a signal that long-term macro narratives (hedging against inflation, sovereign diversification) still hold weight.
Conclusion
This week presents a bifurcated outlook. On one hand, we’re witnessing signs of regulatory reprieve in the U.S. and continued institutional investment in Bitcoin. On the other, crypto markets are showing cracks, and new legislative threats loom on the horizon. Strategic agility will be key for both investors and builders in navigating this complex terrain.
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