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First Mover Americas: Kraken's SEC Settlement Sends Crypto Markets Tumbling
The latest price moves in crypto markets in context for Feb. 10, 2023.
Updated Feb 10, 2023, 5:07 p.m. Published Feb 10, 2023, 1:07 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.
Latest Prices
CoinDesk Market Index (CMI) 1,037 −56.3 ▼ 5.2% Bitcoin $21,763 −909.0 ▼ 4.0% Ethereum $1,539 −93.3 ▼ 5.7% S&P 500 futures 4,065.50 −26.3 ▼ 0.6% FTSE 100 7,855.15 −56.1 ▼ 0.7% Treasury Yield 10 Years 3.68% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Crypto exchange Kraken will immediately end its crypto staking-as-a-service platform for U.S. customers and pay $30 million to settle Securities and Exchange Commission (SEC) charges concerning the offering of unregistered securities. The SEC's official announcement confirmed a CoinDesk scoop from earlier in the day. The platforms offered the general public access to staking services since at least 2019. Governance tokens of the largest liquid staking protocols surged on the news, with LDO, the governance token of the largest liquid staking protocol Lido Finance with some $8.4 billion of staked ether (ETH) on the platform, jumping 10.4% in the hour after the SEC announcement.
Hedera Hashgraph (HBAR) was a rare crypto in the green on Friday, gaining 7% as most other tokens were sizably lower. Hadera, often described as an alternative to blockchain which is able to quickly and cheaply process transactions, is now up 67% over the past month. The network announced earlier in the week that technology company Dell had joined its governing council to “help organizations explore distributed ledger technology.” The governing council already consisted of Google, IBM, LG and more.
The New York Department of Financial Services (NYDFS) is investigating stablecoin issuer Paxos. The full scope of the probe is unclear and a NYDFS spokesperson said the agency could not comment on ongoing investigations. Paxos’ stablecoins include the Paxos dollar (USDP) and Binance USD (BUSD), a Binance-branded stablecoin offered through a white-label service. Paxos has been in the news recently over rumors that the U.S. Office of the Comptroller of the Currency (OCC) may ask it to withdraw its application for a full banking charter. Paxos has denied these rumors.
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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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Asia Morning Briefing: Bitcoin holds steady above $90K as fresh money returns to crypto
New-year allocations support bitcoin prices as leverage cools and volatility expectations rise.
What to know:
- Bitcoin remains stable above $90,000, reflecting consolidation rather than renewed selling pressure.
- Ethereum shows resilience with strong weekly and monthly performance, despite a cooling in futures positioning.
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