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First Mover Americas: Bitcoin Ending Week on Positive Note
The latest price moves in crypto markets in context for April 28, 2023.
Updated Apr 28, 2023, 1:05 p.m. Published Apr 28, 2023, 12:08 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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Despite some volatility in price, bitcoin has risen 7% in the past seven days, trading in a range of between $27,000 and $30,000. The world’s largest cryptocurrency by market value rose 1.2% over the last 24 hours to $29,307. Some analysts say instability in traditional banks has helped bitcoin, which is seen as an alternative to traditional finance. One troubled bank is San Francisco-based First Republic Bank (FRC), whose shares dropped 50% on Tuesday after it revealed its deposits fell by $100 billion in the first quarter. That comes as the broader economy is slowing down. On Thursday, the Commerce Department said the U.S. economy grew at a 1.1% annualized rate in the first quarter, below analysts’ estimates of 1.9%.
The European Central Bank wants its centralized-financial settlement systems to better interact with distributed ledger technology, as it seeks to keep pace with technological developments in financial markets. The ECB is pondering whether to issue a retail central bank digital currency for use by regular traders and citizens – but it also wants to be able to interact with innovations in wholesale financial markets, including those that use the technology that underpins cryptocurrencies.
Binance, the world's largest crypto exchange by trading volume, is set to begin operations in Japan, according to a notice published on Friday. In November, Binance acquired the regulated Sakura Exchange BitCoin. Existing services on SEBC will be terminated on May 31, and Binance will start a new service called "Binance Japan" after June. SEBC now supports 11 trading pairs. Listing tokens on exchanges in Japan requires vetting by the Japan Virtual Currency Exchange Association.
Chart of the Day
- The chart shows bitcoin's single-day price movements and the trajectory of its 50-day simple moving average of the cryptocurrency's price since December.
- Bitcoin bounced up from its 50-day SMA this week, defying expectations for a deeper decline and keeping the uptrend intact.
- "The bulls have managed to push the price above the 50-day moving average, which is pointing up from $27,000 on Monday to $27,400," Alex Kuptsikevich, senior market analyst at FxPro, said in an email.
- "At the end of March, the market bought bitcoin near this level. In other words, we have strong indications that the first cryptocurrency maintains its uptrend," Kuptsikevich added.
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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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Bitcoin and ether volatility trading gets easier with Polymarket's new contracts
Polymarket has launched new prediction markets tied to Volmex's bitcoin and ether 30-day implied volatility indices.
What to know:
- Polymarket has launched new prediction markets tied to Volmex's bitcoin and ether 30-day implied volatility indices, allowing users to bet on how high volatility will get in 2026.
- The contracts pay out if volatility indices reach or exceed a preset level by Dec. 31, 2026, letting traders wager on the intensity of price swings rather than market direction.
- Early trading implies roughly a one-in-three chance that bitcoin and ether volatility will nearly double from current levels.
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