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First Mover Americas: Crypto's November Fall
The latest price moves in crypto markets in context for Dec. 1, 2022.
Door Lyllah Ledesma, Omkar Godbole
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.
Latest Prices
CoinDesk Market Index (CMI) 870.48 +8.4 ▲ 1.0% $17,130 +259.3 ▲ 1.5% $1,287 +20.4 ▲ 1.6% S&P 500 futures 4,079.50 +NaN ▲ NaN% FTSE 100 7,579.12 +6.0 ▲ 0.1% Treasury Yield 10 Years 3.7% ▼ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Bitcoin plunged by 18% in November, its biggest monthly loss in five months. Meanwhile, ether lost 21% during the month. The hardest-hit digital assets were a group of tokens commonly associated with Sam Bankman-Fried, the disgraced ex-CEO of fallen crypto exchange FTX. FTT, the utility token of FTX, tumbled 90% to $1 from $26. Serum (SRM), the native token of a decentralized exchange on the Bankman-Fried-championed Solana blockchain, sank 70%.
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Traditional-finance giant TP ICAP has registered as a digital-asset provider with the U.K.’s Financial Conduct Authority. The world’s largest interdealer-broker is attempting to break into the crypto world via its Fusion Digital Assets marketplace. TP ICAP is working with Fidelity Digital Assets to offer the platform, which will match orders and execute spot crypto trades.
Telegram is pushing forward with a buildout of crypto infrastructure. The messaging app, which is already a go-to for many crypto traders, is planning to build crypto wallets. The app has sold $50 million in usernames in less than a month through its blockchain-based auction platform, Fragment, CEO Pavel Durov said Wednesday.
Chart of the Day
- The chart shows U.S. financial conditions have eased notably since the release of the October inflation report on Nov. 10.
- The more the Federal Reserve pivots away from aggressive liquidity tightening, the greater the loosening of financial conditions and the bigger the risk of the central bank missing its inflation target.
- Therefore, the Fed may push back against easing financial conditions, more so as investors on Wednesday focused on Chairman Jerome Powell acknowledging the slowing in the rate hikes while ignoring his core message of stubbornly higher core inflation.
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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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Cosa sapere:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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