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First Mover Americas: Bitcoin Falls to $28K
The latest price moves in crypto markets in context for April 21, 2023.
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 was down for a third straight day on Friday, falling 3% over the last 24 hours to about $28,000. The cryptocurrency has lost almost 10% since last Friday. Ether, the second-largest cryptocurrency by market value, has lost 8% during that period. This comes following a mostly down week for risky assets like cryptocurrencies. On Wednesday, $100 million in bitcoin positions was liquidated on Binance, but one possible positive development for crypto came on Thursday when the European Parliament passed comprehensive crypto legislation, becoming the first major jurisdiction to do so.
The U.S. Securities and Exchange Commission is advising brokers and investment advisers they need to look at crypto with more scrutiny before they recommend digital assets to ensure the risky products are in the best interests of their clients. A Thursday staff bulletin – outlining the duties the advisers have to customers – specifically mentioned crypto, continuing the agency’s recent focus on the sector after having largely ignored digital assets in its rules and guidance until last year.
Coinbase (COIN) has obtained a license to offer its services in Bermuda as it seeks to expand internationally, the company announced in a blog post on Wednesday. The U.S. crypto exchange received a Class F license from the Bermuda Monetary Authority, which allows the company to operate as a digital-asset exchange in that territory. The news comes two days after CEO Brian Armstrong indicated the U.S.-based exchange would consider moving out of the U.S. if clear crypto regulation isn't enacted.
Chart of the Day
- The chart shows the difference in the number of ether flowing into and out of the leading centralized exchange Binance in the past 48 hours.
- More than 34,000 ETH ($64.8 million) were transferred to Binance early Friday, as represented by the green bars.
- According to pseudonymous analyst @OnchainDataNerd, the large investor who moved these coins will earn a profit of $6 million if he chooses to liquidate his holdings.
- Potential liquidation might add to bearish pressures on ether.
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Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
