In a 70-28 vote, the U.S. Senate has approved a resolution to repeal the IRS’s controversial DeFi broker rule. The rule, which aimed to impose stricter tax reporting requirements on decentralized finance (DeFi) transactions, faced strong opposition from the crypto community. With the Senate’s decision, the resolution now moves to President Trump, who will decide whether to sign or veto it. The outcome could significantly impact the future of DeFi regulations in the U.S.
An anonymous crypto trader has faced the real impact of the crypto market’s volatility as his $19M bet resulted in a $17M loss within a month. Although the Trump trade war is to blame for the ongoing bearish conditions of the financial market, the Mantra (OM) price crash came unexpectedly, leaving many, including this crypto investor, in massive loss. Let’s discuss what went wrong.
Crypto Trader Lost $17M in Mantra Price Crash
According to the Data Nerd X post, a crypto trader with wallet address 0x5AC lost nearly $17M in unrealized loss, as the individual bet on the OM token. The on-chain activity reveals that the traders spent $18.7M to buy 2.9M OM in the previous month.
However, due to the Mantra price crash, the same $18.7M resulted in the $17M unrealized loss. This came to attention as the crypto investor deposited 1.724M OM on the Binance exchange two days ago, potentially to sell.
He is still left with 1.173M OM, worth only $585k at the current price, and the recovery seems challenging. Notably, a bunch of other traders lost $400M in the Mantra crash.
How’s Mantra Trading Today & Will it Recover Further?
The Mantra price crash led to wiping out billions from the market. The team reveals that the whales’ liquidation on the centralized exchanges has resulted in this incident, affecting all holders, including the aforementioned crypto trader.
Even now, the OM price is down, currently trading at $0.5328 with a market capitalization of $505.44M. Interestingly, the token is attempting recovery today, as the value is up 5% due to high trading volume and investor activity after MANTRA announced 300M token burn.
However, despite that, the broader trajectory remains bearish for the token.
The ongoing bearish conditions amid the Trump tariff and delayed Fed rate cut are affecting the investors’ sentiments, challenging the Mantra’s price recovery.
Binance Futures is launching LDUSDT, a reward-bearing margin asset based on Tether’s popular stablecoin. This product will focus on offering flexibility to the user, who can trade LDUSDT while reaping APR rewards.
This is the second product of this nature that Binance Futures has offered following its BFUSD launch last November. LDUSDT is scheduled to launch this month, and its success may encourage similar margin offerings in the future.
Binance Futures added another such asset today: LDUSDT, a reward-bearing margin asset that lets users earn APR rewards from Simple Earn USDT Flexible Products.
“After the launch of our first reward-bearing margin asset BFUSD was positively received by users, we are pleased to introduce yet another product to bring more utility to our users. LDUSDT increases capital efficiency for users and lets users put their assets to work for them,” Jeff Li, VP of Product at Binance, said in an exclusive press release shared with BeInCrypto.
Binance’s new asset is based on Tether’s USDT, the world’s leading stablecoin, but LDUSDT is a totally different asset. Its main focus is on giving Binance users more flexibility, as they can trade this asset while continuing to reap passive income from APR.
This option is available to all users that have USDT on Binance Earn’s Simple Earn Flexible Products. LDUSDT is Binance’s second reward-bearing non-stablecoin margin asset, following BFUSD, which was launched last November.
Although the firm recently delisted USDT from its European operations due to regulatory concerns, this product is centered around the popular stablecoin.
According to the announcement, the exchange will launch LDUSDT “soon” without a specific release date. The exclusive press release claimed that the asset will be released sometime this April.
The company did not indicate whether it would offer more margin assets like this in the future. However, LDUSDT gives Binance Futures’ users a huge level of flexibility, which will hopefully encourage users to experiment.
A success here could encourage the firm to follow this up with similar products in the future.
Cardano (ADA) has recently struggled to breach a key barrier despite the support of large investors and improving market conditions.
The price of ADA remains below critical resistance levels, but with whales accumulating significant amounts of ADA, the altcoin’s breakout potential seems promising. If market conditions continue to improve, Cardano could see a positive shift in price momentum.
Cardano Whales Are Optimistic
Whale activity was strong in April, with addresses holding between 10 million and 100 million ADA and purchasing over 420 million ADA, worth approximately $289 million, bringing their holdings to 12.89 billion ADA from 12.47 billion ADA. This consistent accumulation by the largest holders of Cardano is a significant indicator of confidence.
Whales play a key role in ADA’s potential price movements, and their continued accumulation suggests that they believe in the asset’s long-term value. The large-scale accumulation could help shift market sentiment in a positive direction. As the most influential ADA holders increase their positions, the likelihood of a price surge rises.
Cardano’s overall momentum is showing signs of improvement, especially with technical indicators such as the Relative Strength Index (RSI). Currently, the RSI is at a near two-month high and sits in the positive zone above the neutral mark of 50.0. This indicates growing bullish momentum, driven by both the accumulation of ADA by whales and broader market conditions.
Improving market conditions and the strong RSI reading suggest that Cardano’s price may soon experience a significant rise. This technical strength, supported by whale activity, sets the stage for ADA to break through its key resistance levels, potentially leading to more widespread adoption and price appreciation.
Cardano’s price is currently at $0.69, just below the support of $0.70, which it had been holding earlier this week. The altcoin fell slightly after failing to breach the $0.74 resistance level. The inability to break past this level has kept ADA trapped in a tight range, though a breakthrough remains possible if the market continues to improve.
The $0.74 resistance has been a key barrier for ADA for over five weeks. However, with whales continuing to accumulate and macro indicators showing strength, Cardano could soon push past $0.74 and potentially rise toward $0.80. A successful breach of $0.74 would signal the beginning of a more sustained bullish trend.
If ADA fails to maintain its position above the $0.66 support, confidence among whales could start to wane. A further decline toward $0.60 would hurt the bullish outlook, potentially leading to a deeper correction. Such a move would invalidate the positive sentiment and delay any potential for ADA to reach higher price targets.
