The $OM token of the Layer 1 blockchain MANTRA experienced a dramatic price drop of over 90% within just 90 minutes, with the team attributing the collapse to "reckless liquidations" rather than any internal misconduct. Community lead Dustin McDaniel and co-founder John Patrick Mullin denied allegations of manipulation while addressing investor concerns following the sudden crash.

Crypto markets experienced a significant downturn, with over $1.6 billion in leveraged positions liquidated and ether sinking to a two-year low. The selloff was influenced by broader macroeconomic concerns, including high U.S. tariffs and a bear market in equities, prompting traders to scramble to protect their positions. Some analysts suggest there may be potential for a short-term recovery depending on upcoming economic data.

Bullish crypto bets suffered over $500 million in losses as Bitcoin's price fell to around $108,600 following U.S. President Trump's tariff threats on European imports and Apple products. The market's volatility led to significant liquidations across various cryptocurrencies, with Bitcoin futures alone accounting for roughly $181 million in losses. Traders are now cautious as renewed trade war fears cast uncertainty over the market's direction.