First Mover Americas: Bitcoin Was Weekend Warrior
The latest price moves in crypto markets in context for Jan. 30, 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 extended its uptrend over the weekend, reaching a high of $23,900 on Sunday, a level last seen on Aug. 17. The world’s largest cryptocurrency has since retreated to around $23,200. Since the start of the year, bitcoin has gained 40%. Ether is up 30% on the year. “Though the move was clearly led by above normal volumes in bitcoin, this weekend’s rally has been a shared rally with many altcoins putting in some healthy numbers,” said Laurent Kssis, crypto trading adviser at CEC Capital. “A correction and profit-taking should not be dismissed at these levels pushing down below 23K.” Additionally, the Fear and Greed Index, a metric designed to gauge the market sentiment of cryptocurrency at any given time, has flipped to “greed” from reading “neutral” as of Sunday.
Lawyers for Sam Bankman-Fried have argued he should be allowed access to assets and crypto held by his former company FTX, saying there's no evidence he's responsible for previous alleged unauthorized transactions. Bankman-Fried, who resigned as FTX's CEO in November when the crypto exchange filed for bankruptcy, is free from jail on bail as he faces multiple federal criminal charges, including conspiracy to commit wire fraud and money laundering. He has pleaded not guilty to all charges. As part of his bail conditions, Bankman-Fried was prohibited from accessing cryptocurrency held by FTX and its affiliated trading arm, Alameda Research, after the government pointed to illicit transfers made from Alameda wallets. The bar includes crypto purchased with FTX or Alameda that Bankman-Fried didn't access or transfer, Mark Cohen, Bankman-Fried's lawyer, wrote in a letter to U.S. District Judge Lewis Kaplan, the presiding judge in FTX's bankruptcy case, that was dated Saturday.
South Korea’s Ministry of Justice plans to start tracking crypto transactions as it looks to crack down on money laundering, it said in a report Thursday. The ministry will initially use third-party software to monitor transaction history, extract information on transactions and check the source of funds. It plans to develop its own system, which should be ready in the second half of the year. South Korean police signed an agreement last October with domestic crypto exchanges Upbit, Bithumb, Coinone, Corbit and Gopax, pledging cooperation in criminal investigations involving crypto. Bithumb is under investigation for tax evasion and price manipulation.
Chart of the Day

- The chart on the left shows that gold bottomed out in early November and turned higher after that, leading bitcoin's bull revival by nearly two months.
- The yellow metal's rally has stalled in the past few days, a cause for concern for the cryptocurrency bulls, according to Singapore-based QCP Capital.
- "For gold, the $1,890-$1,900 support level is key. Gold should keep above this level for the crypto uptrend to hold," QCP Capital said in a market update published Friday.
- "Besides equities, gold and USD price action have also been leading/driving crypto prices. What worries us here is that the USD is starting to show massive positive divergence," QCP added.
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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.