OpenAI is building 'X-like social network' to rival Elon Musk — Report
Large language model developer OpenAI is reportedly working on a new social media network, putting the company on a collision course with Elon Musk’s X and Mark Zuckerberg’s Meta Platforms.Citing anonymous sources, The Verge reported on April 15 that OpenAI is developing an “X-like social network” that combines ChatGPT’s image generation tools and a social feed, presumably to allow users to share their AI-generated pictures with a broader audience. It’s unclear whether OpenAI will spin out a new social media platform or roll the features into ChatGPT, the sources said.OpenAI has become one of the most powerful technology companies in the world following the overwhelming success of its ChatGPT models. Its first-mover advantage in the AI race allowed it to raise $40 billion at a $300 billion valuation in a funding deal that was spearheaded by SoftBank Group.ChatGPT has 400 million weekly active users as of February 2025 — up from 50 million at the beginning of 2023. Source: Demandsage A pivot into social media — a natural landing spot for an AI company whose tools can be used for content creation and building chatbots for specialized tasks — would up the ante in the ongoing battle between former colleagues Sam Altman and Elon Musk. Related: OpenAI to release its first ‘open’ language model since GPT-2 in 2019Musk and Altman: A complicated historyThe rivalry between the two entrepreneurs stems from OpenAI’s commercialization efforts and Altman’s alleged abandonment of the startup’s founding mission as a nonprofit. Musk and a group of investors reportedly tabled a $97.4 billion buyout offer for OpenAI in February, but the proposed deal was apparently rejected by Altman, who took to social media to say “no thank you.”Altman did, however, express interest in buying X for $9.74 billion, or one-tenth of the proposed OpenAI buyout bid. The curt response may or may not have been genuine. Source: Sam AltmanMusk responded to Altman’s post by calling him a “swindler.”Musk acquired X, formerly Twitter, in a $44 billion deal in 2022. The platform remains a hotbed for social media engagement across the cryptocurrency industry. On March 7, US President Donald Trump used X to deliver welcoming remarks for the “first-ever White House Digital Asset Summit” in Washington, DC. Source: POTUSMagazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame
Bitdeer turns to self-mining Bitcoin, US operations amid tariff tumult — Report
Bitcoin miner Bitdeer is reportedly expanding its self-mining operations and investing in United States-based production as looming trade wars rock global supply chains and cryptocurrency markets. Bitdeer has begun prioritizing mining Bitcoin (BTC) itself in response to cooling demand for its mining hardware from other miners, Bloomberg reported on April 15.“Our plan going forward is to prioritize our own self-mining,” Jeff LaBerge, Bitdeer’s head of capital markets and strategic initiatives, reportedly said. Additionally, Bitdeer plans to scale US hardware manufacturing in the second half of the year as US President Donald Trump touts plans to penalize foreign imports and promote domestic manufacturing, Bloomberg said.“This is something we’ve been planning for a long time,” LaBerge said about the manufacturing plans. “We want to bring jobs and manufacturing back to America.”In April, Trump tipped plans for sweeping tariffs on US imports. The Bitcoin network is especially vulnerable to trade barriers since mining hardware involves complex global supply chains.Bitcoin’s hash price is near all-time lows. Source: Hashrate IndexRelated: Tariffs, capital controls could fragment blockchain networks — ExecsSector-wide strugglesBitcoin miners — including Bitdeer — have struggled in 2025 as volatile crypto markets worsen the impact of the Bitcoin network’s April 2024 halving. In February, Bitdeer’s stock dropped by roughly 28% after the Bitcoin miner announced lower-than-expected earnings and revenues for the fourth quarter of 2024. Bitdeer’s “lower performance compared to Q4 2023 was primarily driven by the impact of the April 2024 halving,” among other factors, Harris Bassett, Bitdeer’s chief strategy officer, said during Bitdeer’s earnings call. Every four years, the amount of BTC mined per “block” — a bundle of transaction data stored on the blockchain — is cut in half. The April 2024 halving reduced mining rewards from 6.25 BTC to 3.125 BTC per block.Bitcoin price versus stocks. Source: 21SharesSince then, mining revenues and gross profits have dropped by an average of 46% and 57%, respectively, JPMorgan said previously in a research note shared with Cointelegraph. Meanwhile, Bitcoin’s hash price — a measure of miner profitability — has sunk to nearly all-time lows, according to data from the Hashrate Index. In 2024, Bitdeer tried to offset declining mining revenues by selling its own energy-efficient Bitcoin mining rigs. However, sales growth has been limited and did not offset weakness in other business lines in Q4. The market turbulence comes as Bitcoin Trump family-backed crypto mining operation American Bitcoin reportedly is considering an initial public offering. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
Bitcoin price recovery could be capped at $90K — Here’s why
After consecutive drawdowns of 17.39% and 2.3% in February and March, Bitcoin’s (BTC) Q2 is shaping up nicely, with a return of 3.77% in April. While fresh yearly lows were formed at $74,500, BTC is currently closer to $90,000 than its new range bottom. Bitcoin 1-day chart. Source: Cointelegraph/TradingViewBitcoin’s higher time frame (HTF) market structure has achieved its first breakout of 2025, fueling optimism among bulls for significant upward momentum. However, the following factors could limit BTC’s gains over the next two weeks, likely capping its price at around $90,000.Related: Can 3-month Bitcoin RSI highs counter bearish BTC price ‘seasonality?’Bitcoin needs spot volume, not just leverage-drivenCointelegraph identified a cooldown period in the futures market as the BTC-USDT futures leverage ratio dropped by 50%. De-leveraging in the futures market is a positive development over the long term, but derivatives traders have taken control of the market at the time as well. Bitcoin cumulative net take volume. Source: X.comBitcoin researcher Axel Adler Jr. pointed out that Bitcoin’s cumulative net taker volume spiked to $800 million on April 11, hinting at a surge in aggressive buying. BTC price also jumped from $78,000 to $85,000 within three days, confirming previous historical patterns where high net take volume triggers price rallies. Likewise, Maartunn, a community analyst at CryptoQuant, confirmed that the current rally is a “leverage-driven pump.” The discrepancy arises because retail or spot traders are still not as relevant.Bitcoin 30-day apparent demand. Source: CryptoQuantAs illustrated in the chart, Bitcoin apparent demand is on a recovery path, but it is not net positive yet. Historically, 30-day apparent demand can move sideways for a prolonged period after BTC reaches a local bottom, leading to a sideways chop for the crypto. Thus, it is less likely that Bitcoin could breach $90,000 in the first attempt after dropping close to 20% until there is collective buying pressure from both spot and futures markets.Large liquidation clusters between $80-$90K may bait tradersWith futures traders positioning in either direction, data from CoinGlass highlighted significant cumulative long and short liquidation leverage between $80,000 and $90,000. Taking $85,100 at the base price, total cumulative short positions at risk of liquidation are at $6.5 billion if BTC price hits $90,035. Bitcoin exchange liquidation map. Source: CoinGlassOn the other hand, $4.86 billion in long orders will be wiped out if BTC drops to $80,071. While liquidation clusters do not determine directional bias, they can create long or short squeezes, baiting traders on either side of respective trades. With such high capital at risk under $90,000, it is possible that Bitcoin may target each cluster before moving toward the dominant side. Related: Bitcoin traders target $90K as apparent tariff exemptions ease US Treasury yieldsThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Red flag? Mantra's TVL jumped 500% as OM price collapsed
The total-value-locked (TVL) on Mantra’s RWA blockchain protocol reached a yearly high despite OM’s 90% price crash.Mantra TVL surges 500% following OM’s crashAs of April 15, Mantra’s TVL (in OM terms) jumped to 4.21 million OM (~$3.24 million), an increase of over 500% from two days prior, according to data resource DefiLlama.Mantra’s cumulative TVL chart. Source: DefiLlama.Interestingly, the TVL rise accompanied a dramatic collapse in OM prices, which plunged over 90% during the weekend. The Mantra team attributed the sell-off to “reckless forced liquidations” initiated by centralized exchanges.A rising TVL typically indicates that users are locking more tokens into a protocol’s smart contracts via staking, liquidity pools, lending, or farming for yield or network participation. Analyst DOM spotted “aggressive buying” on crypto exchanges during the 90% OM price crash on April 13, amounting to $35 million worth of OM purchases when “the [Mantra] collapse was happening.” Mantra total aggregated spot CVD vs. Binance spot price. Source: DOMDespite the 90% price crash, the simultaneous TVL spike and “aggressive buying” suggest that certain participants saw the collapse as a buying opportunity. The fact that millions of dollars were deployed while the crash unfolded points to tactical accumulation, possibly by whales, insiders, or opportunistic speculators betting on a rebound or farming incentives.As of April 15, OM’s price was trading for as high as $0.99, up around 170% from the weekend lows.OM/USDT daily price chart. Source: TradingView97% of Mantra TVL is one DApp Increases in Mantra’s TVL accompany red flags.For instance, around 97% of Mantra’s TVL growth came from Mantra Swap, the protocol’s native decentralized exchange. Its automated market-making pools accounted for 4.11 million OM in TVL, making it the primary driver behind the sharp uptick.Mantra Swap TVL performance chart. Source: DefiLlama A more decentralized ecosystem would have a greater capital distribution with multiple liquidity sources across lending markets, staking platforms, derivatives, etc. Related: Mantra says one particular exchange may have caused OM collapseAdditionally, Mantra’s fully diluted valuation (FDV) of $1.88 billion as of April 15 dwarfs the total value locked (TVL) of $3.24 million, a glaring disconnect that could signal potential overvaluation.Mantra TVL vs. FDV (in dollar terms). Source: DefiLlamaWith only 0.17% of its theoretical value actively deployed in its ecosystem, the protocol shows low capital efficiency and limited real-world usage. This imbalance suggests the market cap is likely driven more by speculation than adoption, and with a large portion of tokens likely still locked, there’s a high risk of future dilution as vested tokens are unlocked.Analyst JamesBitunix posed Mantra’s FDV as a huge risk to OM dip buyers, saying:“A lot of traders jumped in at this ‘bottom’ — both on spot and with leverage. Personally, I’d trigger another correction — preferably a sweep of the lows followed by a quick bounce.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ethena Labs exits German market following agreement with BaFin
Synthetic stablecoin developer Ethena Labs is winding down its German operations less than a month after regulators identified “deficiencies” in its dollar-pegged USDe (USDE) stablecoin, signaling heightened scrutiny around crypto assets in Europe’s largest economy.Ethena Labs reached an agreement with Germany’s Federal Financial Supervisory Authority, also known as BaFin, to cease all operations of its local subsidiary, Ethena GmbH, according to an April 15 announcement.Source: Ethena LabsAs such, Ethena Labs “will no longer be pursuing MiCAR authorization in Germany,” the company said, referring to the Markets in Crypto-Assets Regulation.The company reiterated that Ethena’s German subsidiary has not conducted any mint or redeem activity for USDe since March 21, the day BaFin halted the stablecoin’s activities. As Cointelegraph reported at the time, the German regulator identified compliance failures and potential securities law violations tied to USDe.“All whitelisted mint and redeem users previously interacting with Ethena GmbH have at their request been onboarded with Ethena (BVI) Limited instead and have no ongoing relationship with Ethena GmbH whatsoever,” the company said. Unlike popular stablecoins USDt (USDT) and USDC (USDC), Ethena’s USDe maintains its dollar peg through an automated delta-hedging strategy that includes a combination of spot holdings, onchain custody and liquidity buffers. USDe is the fourth-largest stablecoin with a total circulating value of $4.9 billion, according to CoinMarketCap.The $233-billion stablecoin market is dominated by USDT and USDC. Source: CoinMarketCapRelated: Northern Marianas vetoes bill for Tinian to launch its own USD stablecoinMiCA tightens the noose around stablecoin usageMiCA is a comprehensive framework for cryptocurrency usage across the European Union, enforcing strict compliance standards and consumer protections.To meet the new requirements, stablecoin issuers must have adequate reserves backing their tokens, ensure reserve assets are segregated from users’ assets and fulfill regular reporting obligations.As of February, 10 stablecoin issuers have been approved under MiCA, including Circle, Crypto.com, Societe Generale and Membrane Finance.Patrick Hansen, Circle’s senior director of EU strategy and policy, told Cointelegraph that a total of 10 euro-pegged stablecoins and five US dollar-pegged stablecoins have been approved so far.However, notably absent from the list is USDt issuer Tether, which has decided not to pursue MiCA registration at this time.Magazine: Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and more: Hodler’s Digest, April 6-12
Ethereum market share nears historic lows as ETH price risks falling to $1,100
Ether’s (ETH) market is very close to hitting all-time lows as a classic bearish chart pattern hints at a deeper correction toward $1,100.Ethereum’s market dominance keeps fallingOn April 9, Ethereum’s market dominance, or the measure of Ether’s share of crypto’s overall market capitalization, hit a new multiyear low of 7.18%, according to Cointelegraph Markets Pro and TradingView data. This value was merely a hair’s breadth above the all-time low of 7.09% reached in September 2019.“Ethereum dominance is so very close to registering new all-time lows,” said popular crypto analyst Rekt Capital in an April 13 post on X, adding:“Ethereum Dominance needs to hold this green area to position itself to become more market-dominant over the coming months.”ETH market dominance %. Source: Rekt CapitalEther’s market share is now at its lowest value since 2019-2020. Meanwhile, Ether’s closest competitor in terms of market capitalization, XRP (XRP), has seen its dominance rise by over 200% over the same timeframe. Its top layer-1 rival tokens, BNB Chain’s (BNB) and Solana’s (SOL), have also seen 40% and 344% increases in their market dominance since 2023. Several reasons for this underwhelming performance include weak institutional demand evidenced by negative ETF flows, a sluggish derivatives market, and increasing competition from other layer-1 blockchains.More trouble for Ethereum could also be found when analyzing the total value locked (TVL) of competing blockchains. Although Ethereum remains the leader with a market dominance of 51.7%, this metric has decreased from 61.2% in February 2024. In comparison, Solana’s dominance in terms of TVL has increased by 172% over the same period. Total value locked market share (%). Source: DefiLlamaETH price “bear flag” targets $1,100Ether price, or the ETH/USD trading pair, is expected to resume its prevailing bearish momentum despite recovering from recent lows as a classic (bearish) chart pattern emerges.Related: Ethereum could be AI’s key to decentralization, says former core devEther’s price action over the past three weeks is painting a possible bear flag pattern on the daily chart, as shown in the figure below. A daily candlestick close below the flag’s lower boundary at $1,600 would signal the start of a massive move downward.The flagpole’s height sets the target, putting Ether’s potential price drop target at $1,100, or a 33% drop from the current price.ETH/USD daily chart with potential bear flag. Source: Cointelegraph/TradingViewMeanwhile, one key indicator to keep an eye on remains the relative strength index, or RSI, which is still below the 50 mark, suggesting that the market trend still favors the downside.As Cointelegraph reported, ETH’s price may ultimately bottom out at around $1,000 based on several other factors. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin trader doubts breakout 'significance' as BTC price nears $87K
Bitcoin (BTC) eyed new April highs at the April 15 Wall Street open amid skepticism over BTC price strength.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBitcoin price faces multiple resistance hurdlesData from Cointelegraph Markets Pro and TradingView showed BTC/USD seeking to break through $86,000.Continued strength through the weekend had set up the pair for an attack on levels closer to $90,000, these absent since early March.Concerns over macroeconomic volatility, with the US trade war at its center, nonetheless kept market participants from calling an end to the Bitcoin bull market correction.“It’s funny watching sentiment shift so quickly – just days ago everyone was calling for 50k, now they’re rushing to flip bullish at the first green candle. This emotional rollercoaster is exactly why most traders lose money,” trading resource Stockmoney Lizards wrote in part of its latest analysis on X.“While short-term momentum appears bullish, we still face multiple resistance hurdles before confirming the correction is complete.”BTC/USDT perpetual contract 2-day chart. Source: Stockmoney Lizards/XStockmoney Lizards saw rangebound BTC price action continuing prior to a retest of the most significant longer-term resistance nearer $100,000.“My outlook remains cautiously optimistic – expect continued ranging between 78-88k for several weeks as Bitcoin builds energy for its next move,” they forecast. “Once we clear the 97k zone, the path to 110k+ becomes much more viable by late summer.”Brandt: BTC trendline break is not “transition of trend”A key topic of conversation among traders was a BTC price breakthrough attempt focusing on a multimonth downward trend line.Related: Can 3-month Bitcoin RSI highs counter bearish BTC price ‘seasonality?’As Cointelegraph reported, this has been in place since BTC/USD set its current all-time highs in January. Now, its status as resistance appears to be waning.It didn’t break a multimonth downtrend just for $86K, it wants to challenge for a higher high near the 200 MA,” popular trader SuperBro summarized in part of a recent X update.SuperBro referred to the 200-day simple moving average (SMA), a classic bull market support trend line, currently at $87,566.“If the HH is successful, which is likely imo, then it can retrace for a HL anywhere above the low before it runs for the wedge target above $100K,” he added.BTC/USD 1-day chart. Source: SuperBro/XNot everyone, however, was convinced that breaking the downtrend would mark a watershed moment for Bitcoin bulls.For veteran trader Peter Brandt, nothing could be gained from observing price behavior around the trend line.“Of all chart construction, trendlines are the LEAST significant,” he told X followers on the day. “A trendline violation does NOT signify a transition of trend $BTC.”BTC/USD 1-day chart. Source: Peter Brandt/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Crypto podcasters should always assume their audience knows nothing
Opinion by: Blake Cassidy, CEO of BambooCrypto podcasts have been newcomers’ go-to source of information, helping bring crypto into the mainstream. Podcasters must remember, however, that fresh faces are constantly tuning in as they grow.While you may say, “FOMO, buy the dip, ignore the FUD because WAGMI,” your poor listener — tuning in for the first time just trying to learn crypto — might decide learning Spanish is easier.Podcasters are more vital to crypto’s adoption rate than everKeeping regular listeners engaged is important, but so is making sure newbies, who are only listening because they’re sick of hearing their mates brag about crypto at work, can follow along, too.You can see this balance pulled off well in some of the biggest crypto podcasts out there. Crypto podcasts that cater to the hodler and the novice enjoy dedicated followings and high view counts, whether the market is feeling bullish or bearish. Some worry that making things newbie-friendly will turn off industry professionals, but that’s not the case. Even the experts appreciate simplified content — it helps them stay on top of the week without digging through all the noise themselves.How do you get that balance right? Work in the week’s biggest news, and it’ll appeal to everyone — whether they’re new to crypto or industry veterans. Even if it’s just a segment of your podcast, crypto enthusiasts at any level love having a go-to podcast that sums up the week before they’ve even had their morning coffee.Crypto’s accessibility problemAccessibility has always been one of crypto’s biggest hurdles. The tech, the endless list of coins, even Web3-powered video games — many see it all as too complicated, unnecessary or just another scam. Some of these views represent a misunderstanding at best and outright ignorance at worst.On the flip side, podcasters talk about quantum-resistant blockchains, unlimited transactions per second or Ethereum’s dreaded Surge, Verge, Purge and Splurge malarky. There is a delicate balancePodcasters can play a key role in moving blockchain solutions further into the mainstream by helping to overcome the high knowledge entry requirements we’ve seen previously.There is a balance, however, as nobody wants to listen to an explainer podcast that feels like a weekly dictionary of crypto-bro jargon. The key is for podcasters to imagine they are in a room with a friend who knows nothing about crypto and someone who’s already clued in. Create content that works for both. If jargon is a must, which is often in this niche, a “here’s what we mean when we say this” now and then can go a long way to avoid alienating newcomers.Non-technical terms like “WAGMI” and “NGMI” should be spelled out instead of gatekeeping if we want to see retail swarm exchanges. Make it as easy as possible for the audienceSeveral successful podcasts do a great job of providing timestamps in their podcast episodes, which often run longer than an hour. If an audience member can quickly understand what is included in the podcast and navigate to the sections most interesting to them, this will only strengthen engagement and loyalty.Additionally, similes, analogies, metaphors and outright storytelling can help demystify some harder-to-grasp crypto concepts. There are so many ways that podcasters can help rather than hinder the mainstream adoption of crypto. In any discipline, providing clear and concise information so that audiences can make more informed decisions is a responsibility — why should crypto podcasts be any different?Opinion by: Blake Cassidy, CEO of Bamboo. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.