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First Mover Americas: Bitcoin Hits 9-Month High

The latest price moves in crypto markets in context for March 14, 2023.

Updated Mar 14, 2023, 2:58 p.m. Published Mar 14, 2023, 1:10 p.m.
Bitcoin is pointing up. (Getty Images)
Bitcoin is pointing up. (Getty Images)

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 continued to rally early Tuesday, building on Monday's gains, with an 18% increase over the past 24 hours. The world's largest cryptocurrency broke the $25,000 mark following the release of U.S. inflation data. The cryptocurrency has since reached around $26,200, a nine-month high. Over $100 million worth of bitcoin shorts, or bets against a rise in prices, were liquidated on Monday. Ether also gained on Tuesday, up 10%, and crypto exchange OKEx’s OKB token rose 25%.

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The Commodity Futures Trading Commission announced former White House official Carole House as the new chairwoman and blockchain analysis company TRM Labs' Ari Redboard as vice chairman of its Technology Advisory Committee. The CFTC published a list of its members to the committee on Monday, announcing the committee had been newly constituted and is being sponsored by Commissioner Christy Goldsmith Romero, who took office last March. "To protect our markets from increasingly-sophisticated cyberattacks, to ensure responsible development of digital assets in a way that protects customers and to ensure that the implications of emerging technologies like artificial intelligence are well understood, the Commission requires advice from technology experts," Goldsmith Romero said in a statement.

Cryptocurrency exchange Coinbase has officially suspended trading for the binance USD (BUSD) stablecoin, according to a tweet on Monday. The exchange announced its intention to delist BUSD in February with Coinbase CEO Brian Armstrong citing liquidity concerns. The decision came after Paxos Trust, the company that issues BUSD, stopped minting the stablecoin as a result of regulatory action by the New York Department of Financial Services and, reportedly, the U.S. Securities and Exchange Commission.

Chart of the Day

Chart of the Day 03/14/2023
  • The chart shows the combined market capitalization of the top three dollar-pegged stablecoins – USDT, USDC and BUSD – continues to slide despite bitcoin's 25% recovery from late Friday lows near $19,550.
  • The divergence reflects investor preference for assets detached from traditional finance.
  • Three U.S. banks have collapsed within a week, bringing attention to bitcoin as a censorship-resistant non-sovereign alternative asset that cannot be debased.
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Exchange Review - March 2025

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.

What to know:

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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What to know:

  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.