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Bitcoin Hits Fresh 2020 High, Approaches $13K
Bitcoin's price clocked fresh 2020 highs on Wednesday after online payments company Paypal announced support for cryptocurrencies.
Updated Sep 14, 2021, 10:21 a.m. Published Oct 21, 2020, 2:03 p.m.
Bitcoin's price clocked fresh 2020 highs on Wednesday after online payments company PayPal announced support for cryptocurrencies.
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- The cryptocurrency was trading at $12,833, a gain of 7.3% in 24 hours, as of 17:00 UTC (1:00 p.m. ET).
- Bitcoin jumped to $12,481 during earlier U.S. trading hours to reach the highest level since July 2019, surpassing the previous 2020 high of $12,476 reached on Aug. 18, according to CoinDesk's Bitcoin Price Index.
- PayPal launched a new service enabling its customers to buy, hold, and sell bitcoin, ether, bitcoin cash and litecoin, directly within the PayPal digital wallet.
- The move is expected to increase cryptocurrency's utility as a funding source for digital commerce at PayPal's 26 million merchants.
- "This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon," large crypto investor Michael Novogratz tweeted.
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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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- 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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