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First Mover Americas: Bitcoin Could Drop in the Short Term
The latest price moves in crypto markets in context for Feb. 6, 2024.
Updated Mar 9, 2024, 5:48 a.m. Published Feb 6, 2024, 1:01 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 dropped on Tuesday after experiencing low volatility over the past few days, and traders are expecting the cryptocurrency to fall more in the coming weeks. Ethereum was little changed while Optimism’s OP jumped 5% on the day. According to B2C2, an over-the-counter market maker, BTC has witnessed a preference for buyers in the past weeks and could be set to drop in the short-term. “In recent market observations, bitcoin has shown a noticeable preference for buyers, despite the cryptocurrency’s price hovering within a tight range between $42,000 and $43,500 for much of last week,” said Ed Goh, head of trading at B2C2. “Without any immediate news on the horizon and the ETF launch now fully behind us, one might expect that the short-term range of Bitcoin could be reduced in the coming weeks, especially with Chinese New Year on the horizon.” Crypto Finance AG analyst Matteo Bottacini said due to the lightness of the current macroeconomic landscape, “any potential flash-crash is a favourable buying opportunity, especially a downturn towards the $40K level.”
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A New York judge ordered Ripple Labs to produce certain financial statements and information on the institutional sale of XRP tokens at the request of the U.S. Securities and Exchange Commission (SEC), court filings from Monday show. The SEC request, made in early January, follows a pivotal judgment in the lawsuit that accuses the crypto firm of selling unregistered securities in the country. Judge Analisa Torres' ruling last July that only Ripple's institutional sales of XRP broke U.S. law was celebrated by the crypto industry as a victory in its efforts to clarify how regulators treat digital assets. Having found Ripple liable for violations before the lawsuit was filed in 2020, the requested documents will aid Torres in determining whether the court should order injunctions or civil penalties for the period since then and, if warranted, decide how much, the SEC said in its request.
Solana suffered a “major outage” on Tuesday, the network’s system status page shows. “Solana Mainnet-Beta is experiencing a performance degradation, block progression is currently halted, core engineers & validators are actively investigating,” said Laine, a Solana validator, in an X post. Blocks seem to have last processed at 09:52 UTC, data from Solana blockchain trackers show. Solana’s SOL token was down just over 4% to $93 over the past 24 hours and dropped 2% after the news surfaced. The halt comes nearly a year after the Solana network went down for almost two days in April 2023.
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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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What to know:
- 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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