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First Mover Americas: Binance.US to Bid for Voyager
The latest price moves in crypto markets in context for Nov. 24, 2022.
Updated Mar 3, 2023, 3:58 p.m. Published Nov 24, 2022, 1:05 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.
Latest Prices
CoinDesk Market Index (CMI) 836.47 +1.8 ▲ 0.2% $16,557 −11.0 ▼ 0.1% $1,194 +20.8 ▲ 1.8% S&P 500 futures 4,048.25 +NaN ▲ NaN% FTSE 100 7,476.88 +11.7 ▲ 0.2% Treasury Yield 10 Years 3.71% ▼ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Binance is targeting $1 billion for a previously announced recovery fund for distressed crypto assets, CEO Changpeng “CZ” Zhao said in an interview with Bloomberg TV Thursday. The fund will be open to contributions from other industry players. “If that’s not enough we can allocate more,” CZ said, according to the news outlet.
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CZ also confirmed in the Bloomberg interview, that Binance’s U.S. arm will be making a fresh bid for crypto lender Voyager Digital now that FTX is unable to follow through with acquiring it. Following Voyager's bankruptcy, FTX emerged as the frontrunner to acquire the lender, with Binance's bid said to be held back by concerns it would represent a national security concern for the U.S. government.
The Securities Commission of The Bahamas is firing back at collapsed crypto exchange FTX’s accusations that the nation had directed unauthorized access to transfer assets off the platform after it filed for bankruptcy protection in the U.S. In a Wednesday notice, the regulator called the allegations "intemperate and inaccurate.”
Chart of the Day
- The chart shows the price of liquid-staking protocol Lido's staked ether (stETH) token fell to 0.97 ETH early Thursday.
- According to blockchain sleuth Lookonchain, the de-pegging happened after a whale removed over 84,00 ETH from decentralized exchange Curve's stETH-ETH liquidity pool.
- Historically, stETH's deviation from ETH price has coincided with market uncertainty.
- The previous episodes of de-pegging saw smart money snap up stETH at a discount and eventually sell at par.
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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.
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