Altcoins Sink, Strategy Banks on Bitcoin!

Michael Saylor says Strategy plans to resume its Bitcoin acquisition strategy after a brief two-week pause.

Author

Danielle du Toit
April 14, 2025

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Here's what we've got for you today:

  • Bitcoin Holds Strong as Strategy Resumes Massive Accumulation

  • Mantra Says One Particular Exchange May Have Caused OM Collapse

  • Trump’s World Liberty Financial Buys $775K in SEI in Altcoin Buying Spree

  • SEC and Binance Extend Legal Pause as CZ Denies WSJ Allegations

According to Michael Saylor, Strategy intends to resume its aggressive Bitcoin acquisition strategy after a brief two-week pause.

  • Strategy’s last Bitcoin purchase was made on March 1, when it bought 22,048 BTC. This raised Strategy’s total holdings to 528,185 BTC.

  • Despite Bitcoin dipping below $80,000 due to the current macroeconomic turmoil, Strategy’s continued accumulation proves that there is still strong institutional confidence in BTC.

  • While Bitcoin is down 22% from its January peak, altcoins suffered a steeper 33% decline since December of 2024, according to Total3 market cap data.

The Mantra team believes its native token’s sudden 90% drop was caused by exchanges closing positions without notice.

  • On April 13, OM’s price plummeted from $6.30 to under $0.50, wiping out more than 90% of its $6 billion market cap in a matter of hours.

  • Co-founder John Mullin attributed the crash to “reckless forced closures” by centralized exchanges during low-liquidity hours, and called the actions negligent or possibly intentional.

  • While ruling out Binance, Mullin suggested one specific exchange may be responsible and promised some more details during an upcoming community call on X.

Data suggests that the Trump-linked crypto project spent close to $347 million buying altcoins.

  • World Liberty Financial added 4.89 million SEI tokens worth $775,000 to its altcoin portfolio on April 12, using USDC from its main wallet.

  • WLFI already holds other major assets like BTC, ETH, TRX, AVAX, ONDO, and now SEI.

  • Blockchain data from Lookonchain revealed that WLFI's portfolio is currently down $145.8 million, including a $114 million loss on its Ethereum holdings alone.

🛑 SEC and Binance Extend Legal Pause as CZ Denies WSJ Allegations

The SEC and Binance have jointly requested a 60-day extension in their ongoing legal dispute.

  • On April 11, the SEC and Binance jointly requested a 60-day extension in their ongoing legal case. This was the second such pause this year already.

  • The two parties specifically pointed to ongoing “productive discussions,” including how the SEC’s new Crypto Task Force might reshape the regulator’s original claims.

  • The joint filing suggests a reassessment of the case’s direction, and could even suggests a potential softening in the SEC’s enforcement approach under new leadership.

👀 QUICK NEWS

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