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First Mover Americas: Gemini Sued Over Interest-Earning Product
The latest price moves in crypto markets in context for Dec. 29, 2022.
Updated Mar 3, 2023, 7:03 p.m. Published Dec 29, 2022, 1:09 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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CoinDesk Market Index (CMI) 782 −3.2 ▼ 0.4% $16,597 −72.4 ▼ 0.4% $1,198 +2.9 ▲ 0.2% S&P 500 futures 3,825.25 +17.8 ▲ 0.5% FTSE 100 7,487.53 −9.7 ▼ 0.1% Treasury Yield 10 Years 3.89% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Crypto exchange Gemini is being sued by investors over the sale of its interest-earning crypto products, court filings from Tuesday show. The exchange abruptly halted its Gemini Earn program in November, "effectively wiping out" investors who still had holdings, according to the court filing. The investors say Gemini's Earn program – which offered interest of up to 7.4% to customers for lending their crypto assets – didn't register those assets as securities in accordance with U.S. law. They are seeking a trial by jury, according to the complaint.
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Several tokens held by Sam Bankman-Fried’s embattled trading business Alameda Research were sold late on Wednesday to the tune of millions of dollars, as the firm's founders face criminal charges. On-chain data cited by Arkham Intelligence suggested $1.7 million worth of tokens from Alameda-linked wallets was sold in the open market over a span of several hours on Wednesday. The sales triggered concerns on Crypto Twitter about a potentially steep fall in the prices of those tokens.
China is launching its first state-backed non-fungible token (NFT) marketplace, the latest sign of embrace for a technology that has occupied a legal gray area within the country’s notoriously strict regulations on cryptocurrency. A ceremony celebrating the launch of the marketplace will be held in Beijing on Jan. 1.
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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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