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First Mover Americas: Landmark Crypto Laws Pass in Europe
The latest price moves in crypto markets in context for April 20, 2023.
Updated Apr 20, 2023, 3:03 p.m. Published Apr 20, 2023, 12:31 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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Lawmakers in the European Union on Thursday voted 517-38 in favor of a new crypto licensing regime, Markets in Crypto Assets, which ispopularly known as MiCA, with 18 abstentions, making the EU the first major jurisdiction in the world to introduce a comprehensive crypto law. The European Parliament also voted 529-29 in favor of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering, with 14 abstentions. The votes follow a Wednesday debate in which lawmakers largely supported plans to make crypto wallet providers and exchanges seek a license to operate across the bloc of 27 nations and require stablecoin issuers to maintain sufficient reserves.
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Bitcoin fell for a second straight day on Thursday, dropping to $28,500, a 10-day low. The world’s largest cryptocurrency declined 2% over the past 24 hours as traders across the globe moved away from risky assets. Bitcoin closed below its 20-day moving average on Wednesday, according to data from TradingView, a sign of weakness. The cryptocurrency has rallied this year, but Craig Erlam, an analyst at foreign-exchange trading firm Oanda, said in a morning note that the recovery may be running on fumes. Popular meme token, dogecoin (DOGE), was one of the few coins trading in the green Thursday, up 5% over the past 24 hours. Some supporters refer to April 20 as "DogeDay."
The substantive parts of the Voyager Digital-Binance.US sale deal could be allowed to proceed even before a legal appeal is worked through, court filings made Wednesday suggest, as concerns rise that the buyer could pull out. The document says the U.S. government has now agreed that the bulk of Binance.US' $1 billion deal to purchase assets of the bankrupt crypto lender can proceed, despite concerns that the fine print of the contract would pardon breaches of tax or securities law. The filing proposes that, until an appeal is settled, those contentious “exculpation provisions” should remain on hold, but not the remaining elements of the deal.
Chart of the Day
- The chart shows the on-chain movement of bitcoin that's been sitting dormant for between seven and 10 years.
- More than 5,000 bitcoins, worth $144 million, were moved early Thursday.
- Whenever such old coins move, bitcoin tends to see increased price turbulence.
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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.
Ce qu'il:
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
Ce qu'il:
- 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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