First Mover Americas: A Win for Celsius in Court
The latest price moves in crypto markets in context for Jan. 5, 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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A bankruptcy judge ruled that Celsius Network customers who had interest-bearing accounts on the platform had turned over control of their assets to the bankrupt crypto lender, meaning the deposits are part of Celsius' bankruptcy estate. U.S. Bankruptcy Judge Martin Glenn said in a court order Wednesday that Celsius' terms of service made it clear it took possession of crypto assets deposited into its Earn product, dealing a blow to customers who were hoping to recoup their deposits. Celsius held around $4.2 billion in cryptocurrencies in Earn as of last July, including $23 million in stablecoins.
The U.S. Securities and Exchange Commission has filed a limited objection to Binance.US' proposed $1.02 billion purchase of the assets of bankrupt crypto lender Voyager Digital.In its filing, the SEC questioned the adequacy of the information in Binance.US’ disclosure statement, specifically details on the ability of the crypto exchange to “consummate a transaction of this magnitude,” as well as how Binance.US intends to secure customer assets and details on how Binance.US would rebalance its cryptocurrency portfolio.
Coinbase will pay a $50 million fine to the New York State Department of Financial Services to settle charges that it let users open accounts without conducting sufficient background checks. The regulators found that the crypto exchange's policies violated anti-money-laundering laws. The settlement will also require Coinbase to invest $50 million over the next two years to bolster its compliance program.
Chart of the Day

- The chart shows liquid staking protocol Lido's governance LDO has breached a 10-month bear market trendline.
- "Lido, with its native LDO token, will likely disproportionately benefit from an increase in the ETH staking ratio as the protocol takes a 10% cut in the ETH staking rewards which is transferred to Lido’s treasury. Users do not have to stake it themselves, they can 'outsource' staking to Lido," Markus Thielen, head of research and strategy at crypto investment firm Matrixport, said.
– Omkar Godbole
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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.