Bitcoin Hovers Near $29.3K After Binance Sell Order, UK Inflation Data
BTC fell as low as $29,045 earlier Wednesday. ETH dropped below $2,000 for the first time in almost a week.

Bitcoin (BTC) was hovering near $29,300 on Wednesday, down 3% over the past 24 hours, hours after a massive sell order on Binance and U.K. hot inflation data sent the price tumbling.
The largest cryptocurrency by market cap recently fell below $30,000 a day after regaining its perch above this psychologically important threshold and dipped as low as $29,045 at one point, according to CoinDesk data.

The decline also caught traders who were betting on an increase off guard because the majority of BTC liquidated positions were long, according to data from futures and trading platform Coinglass.
Ether (ETH) followed a similar pattern, dropping below $2,000 on Wednesday for the first time in almost a week. The second-largest cryptocurrency by market value was recently changing hands around $1,981, down over 4% from Tuesday, same time.
Most major cryptos were in the red on Wednesday, including a number of decentralized finance tokens. DeFi exchange Uniswap’s UNI and lending platform Aave’s AAVE sank 6% and 7%, respectively, to trade at around $5.90 and $74.85. Maker’s MKR tanked by 5% to hover at around $729.31.
The CoinDesk Market Index (CMI), which measures overall crypto market performance, was down 3% for the day.
Decentralized exchanges (DEX) volumes had been surging amid growing concerns about their centralized counterparts, Joshua Frank, co-founder and CEO of digital asset information platform The Tie, wrote in an email to CoinDesk.
“I think it’s likely that we see this trend continue until we get clarity on the Binance regulatory situation,” Frank wrote, although he added that DeFi accounts for less than 5% of the overall crypto market cap.
Meanwhile, increasing regulatory scrutiny continued with the Securities and Exchange Commission (SEC) reopening a proposal from last year that would target DeFi exchanges for regulation.
“Regulatory crackdowns against DeFi, concerns around security with DeFi hacks occurring regularly, and nervousness around who the counterparties actually are on DeFi platforms are likely going to continue to delay real institutional adoption,” Frank said.
Equities were mixed during the afternoon as investors continued to process first-quarter earnings from big banks, including Morgan Stanley’s disappointing results. The S&P 500 was trading flat, while the tech-heavy Nasdaq was up 0.1%. The Dow Jones Industrial Average (DJIA) was down 0.3%.
The two-year Treasury yield – a gauge of near-term interest rate expectations – rose 6 basis points to 4.26%. The CME FedWatch, which measures traders’ expectations for U.S. central bank interest rate decisions, showed an 83% probability of a 25 basis points hike in May when the Federal Open Market Committee (FOMC) meets again.
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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.
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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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.