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Bitcoin Tumbles From Multi-Month High on DOJ Worry, Hawkish Fed
Earlier Wednesday the crypto had touched its highest point since before the FTX collapse.
Автор Oliver Knight
Just two hours after surging to a four-month high of about $21,550, the price of bitcoin (BTC) has tumbled nearly $1,000, now down 2.6% to $20,600.
More than $107 million was liquidated across crypto derivatives markets during the quick plunge, according to Coinglass.
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Helping to spur the slump was the U.S. Department of Justice (DOJ) teasing the announcement of a major international crypto enforcement action coming at noon ET. There were also some hawkish comments from St. Louis Federal Reserve President Jim Bullard, who suggested the central bank should hike interest rates by 50 basis points at its next meeting in February versus market expectations for a 25 basis point move.
All three major U.S. stock market indices are also in the red, with the Dow Jones Industrial Average leading the downside with a 1% decline.
Ether (ETH) is off 4% to $1,511.
Among crypto-related stocks pulling back are Coinbase (COIN) down 4%, Marathon Digital (MARA) down 17%, and MicroStrategy (MSTR) down 11%.
UPDATE (Jan. 18, 17:40 UTC): The government has charged little-known crypto platform Bitzlato with laundering funds tied to illicit Russian finance and its founder has been arrested. With the "major" perhaps somewhat overhyped, bitcoin has bounced a bit, now trading just below $21,000.
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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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Dek: This article is created to test tags being added to image overlays
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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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