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First Mover Americas: Bitcoin Set to Ring in the New Year Up Nearly 160%
The latest price moves in crypto markets in context for Dec. 29, 2023.
Updated Mar 9, 2024, 5:47 a.m. Published Dec 29, 2023, 1:06 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin ticked back toward the $43,000 mark during European morning trading hours having slipped down to $42,173.76 during the Asian session. At the time of writing BTC is trading at $42,884, down just 0.45% in the last 24 hours. On the last working day of 2023, bitcoin looks set to close the year up around 158% against its price of around $16,500 12 months ago. The CoinDesk Market Index, a measure of the weighted performance of the digital-asset market, gained 139% in 2023.
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Privacy tokens dash, monero and ZCash slumped as much as 10% after crypto exchange OKX said it will delist their trading pairs on Jan. 5. The exchange is making the move "based on feedback from users and the OKX Token Delisting/Hiding Guideline," OKX wrote on its website. While OKX did not explicitly say it was banning the tokens because they offer enhanced privacy for transactions, many of those listed fall into that category. Privacy coins are cryptocurrencies that preserve anonymity by obscuring the flow of money across their networks. They make it difficult to work out who sent what to whom, which is useful for those who do not want their financial activity to be monitored and, not surprisingly, are unpopular with regulators.
The Avalanche Foundation, which supports the Avalanche blockchain ecosystem, said it is considering buying meme coins as part of a drive that recognizes the distinct niches of the cryptocurrency market. Avalanche-based meme coins like COQ, husky and shibx have gained as much as 25% in the last 24 hours, with most of those gains coming after the foundation's announcement. The selection process will be based on criteria such as the number of holders, liquidity thresholds, project maturity and overall social sentiment, the foundation said in a post on X. “These coins, often inspired by internet culture and humor, go beyond mere utility assets; they represent the collective spirit and shared interests of diverse crypto communities,” the post read.
Chart of The Day
- The chart shows the U.S. dollar index (DXY), which gauges the greenback's exchange rate against a basket of fiat currencies, including the euro, has declined by 4.7% in the fourth quarter.
- The weakness in the DXY likely helped bitcoin and other risk assets perform positively in the three months.
- BTC has risen by nearly 60% this quarter.
- Source: TradingView
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- Omkar Godbole
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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