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Bank of England Chief Takes Victory Lap as Crypto Crumbles
Andrew Bailey, the head of the U.K. central bank, was testifying in Parliament on Monday afternoon.
Updated May 11, 2023, 6:54 p.m. Published Jun 13, 2022, 4:35 p.m.
Bank of England Governor Andrew Bailey reiterated his stance on cryptocurrencies, stating that the asset class has "no intrinsic value."
- The longtime crypto skeptic was testifying in the U.K. Parliament the day after lending platform Celsius suspended transfers and withdrawals, helping to send and the rest of the cryptocurrency sector into a tailspin.
- "Crypto assets have no intrinsic value. This morning we have seen another blow-up in a crypto exchange," Bailey said.
- Bailey's comments followed Celsius's decision Sunday night to halt transfers and withdrawals, citing extreme market conditions. Celsius is based in the U.K. and has said it plans to "honor withdrawal obligations" in spite of speculation about its solvency.
- Bailey hasn't been shy about his disdain for crypto, having previously warned on the lack of value of the sector as a whole and saying bitcoin is not a practical means of payment. In December he also urged U.K. banks to be "especially cautious" with crypto.
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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.
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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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