The crypto market faced a turbulent week, with token crashes, exchange outages, and regulatory updates. From Binance outages to Belarus’s digital ruble plans for 2026, here’s a roundup of the key events shaking the cryptocurrency space.
Monday: Token Crashes and Trump’s Crypto Losses
The week began with a dramatic 90% crash of the OM token within hours, erasing gains that made it a 2024 standout. Analysts are investigating the cause and culprits behind this sudden drop. Meanwhile, Tether emerged as a top player in crypto lending, offering loans to major centralized platforms. On the same day, Trump’s World Liberty Financial project reported $145 million in paper losses from SEI token purchases, yet it doubled down by acquiring more tokens, signaling confidence despite the setback.
Tuesday: Binance Outage and Global Crypto Developments
Binance and several other exchanges faced a major outage due to issues with Amazon Web Services’ data centers, halting trading temporarily. In Bhutan, Bitcoin mining became an economic lifeline, helping curb brain drain amid financial struggles. Elsewhere, KiloEX offered a $700,000 bounty to a hacker who stole $7 million via an oracle attack, aiming to recover the funds and secure the platform.
Wednesday: Regulatory Updates and Stablecoin Concerns
Russia’s Federal Tax Service revealed the number of legal crypto miners and their preferred regions, reminding firms to file profit tax declarations by April 25. In the EU, analysts warned that dollar-backed stablecoins, projected to grow tenfold in three years, pose a threat to financial stability. Kazakhstan also cracked down on illegal miners, seizing ₽144 million in assets from a group posing as an engine repair service.
Thursday: Belarus’s Digital Ruble and More Token Woes
Belarus announced plans to fully implement its digital ruble by 2026, aiming to enhance fund security and streamline cross-border payments [Web ID: 0]. Meanwhile, a new Coinbase-supported token crashed 95% after its team tokenized a “Base is for everyone” image as an experiment, disclaiming liability for user losses. Coingecko’s report highlighted early 2025 trends, noting shifts in crypto prices and DeFi app markets.
Friday: Trump’s Fed Demand and Market Insights
President Trump demanded the resignation of Fed Chair Jerome Powell, raising questions about Bitcoin’s future amid potential policy shifts. A crypto service faced closure over allegations of aiding Bybit hackers with laundering. Finally, experts noted that while Bitcoin holds steady, altcoins struggle due to low liquidity, needing stronger market incentives to grow.
