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First Mover Americas: First Citizens Scoops Up Big Chunks of Silicon Valley Bank
The latest price moves in crypto markets in context for March 27, 2023.
Updated Mar 27, 2023, 1:58 p.m. Published Mar 27, 2023, 12:20 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.
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The Federal Deposit Insurance Corp. announced late Sunday that First Citizens Bank will acquire the deposits, loans and branches offailed Silicon Valley Bank, an institution that catered to tech startups, including crypto firms. Bloomberg had initially reported that a deal was nearing completion and could be announced as early as Monday morning. In a statement, the FDIC said that all depositors of Silicon Valley Bridge Bank, the bridge bank set up by the FDIC after the collapse of Silicon Valley Bank, will automatically become depositors of First-Citizens Bank & Trust Co. (FCNCO). All deposits assumed by First Citizens Bank, a regional bank based in Raleigh, N.C., will continue to be insured by the FDIC up to the insurance limit. As of March 10, Silicon Valley Bridge Bank reported roughly $167 billion in assets and nearly $119 billion in deposits.
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The crypto market managed to hold its ground over the weekend, with bitcoin up 1% over the past 24 hours to about $27,900. The cryptocurrency stayed in a range of between $27,000 and $28,000 throughout the weekend after reaching almost $30,000 early last week. Simon Peters, an analyst at trading platform eToro, said in a note Monday that a short-term pullback is possible. Ether was down slightly in the past 24 hours to about $1,700. European stocks opened higher on Monday as investors hope for an end to banking volatility. U.S. equity futures also edged higher.
Cathy Wood's Ark Invest bought $12.6 million of Coinbase (COIN) shares on Friday, the second straight day the investment firm purchased the crypto exchange's stock after the company received a Wells Notice from the U.S. Securities and Exchange Commission on March 22, sending the shares tumbling 16% the next day. The stock gained 1.5% on Friday to $67.83. According to an email sent Friday night, 155,833 shares went to ARK Innovation EFT (ARKK), and 26,395 shares went to ARK Next Generation Internet EFT (ARKW). The Wells Notice was a warning from the SEC that it believes Coinbase violated investor-protection laws and could be a signal that the SEC will sue the company.
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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.
需要了解的:
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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