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First Mover Americas: Bitcoin Falls to $28K
The latest price moves in crypto markets in context for April 21, 2023.
Updated Apr 21, 2023, 8:06 p.m. Published Apr 21, 2023, 12:24 p.m.
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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 was down for a third straight day on Friday, falling 3% over the last 24 hours to about $28,000. The cryptocurrency has lost almost 10% since last Friday. Ether, the second-largest cryptocurrency by market value, has lost 8% during that period. This comes following a mostly down week for risky assets like cryptocurrencies. On Wednesday, $100 million in bitcoin positions was liquidated on Binance, but one possible positive development for crypto came on Thursday when the European Parliament passed comprehensive crypto legislation, becoming the first major jurisdiction to do so.
The U.S. Securities and Exchange Commission is advising brokers and investment advisers they need to look at crypto with more scrutiny before they recommend digital assets to ensure the risky products are in the best interests of their clients. A Thursday staff bulletin – outlining the duties the advisers have to customers – specifically mentioned crypto, continuing the agency’s recent focus on the sector after having largely ignored digital assets in its rules and guidance until last year.
Coinbase (COIN) has obtained a license to offer its services in Bermuda as it seeks to expand internationally, the company announced in a blog post on Wednesday. The U.S. crypto exchange received a Class F license from the Bermuda Monetary Authority, which allows the company to operate as a digital-asset exchange in that territory. The news comes two days after CEO Brian Armstrong indicated the U.S.-based exchange would consider moving out of the U.S. if clear crypto regulation isn't enacted.
Chart of the Day
- The chart shows the difference in the number of ether flowing into and out of the leading centralized exchange Binance in the past 48 hours.
- More than 34,000 ETH ($64.8 million) were transferred to Binance early Friday, as represented by the green bars.
- According to pseudonymous analyst @OnchainDataNerd, the large investor who moved these coins will earn a profit of $6 million if he chooses to liquidate his holdings.
- Potential liquidation might add to bearish pressures on ether.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
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- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
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