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First Mover Americas: Crypto Money-Laundering Bill on the Table
The latest price moves in crypto markets in context for Dec. 15, 2022.
Updated Mar 3, 2023, 7:00 p.m. Published Dec 15, 2022, 1:25 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) 876 −12.0 ▼ 1.4% Bitcoin $17,719 −147.2 ▼ 0.8% Ethereum $1,290 −39.5 ▼ 3.0% S&P 500 futures 3,959.25 −38.8 ▼ 1.0% FTSE 100 7,462.50 −33.4 ▼ 0.4% Treasury Yield 10 Years 3.5% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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U.S. Sens. Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) have introduced a bill to crack down on money laundering and financing of terrorists using cryptocurrencies. If it becomes law, the Digital Asset Anti-Money Laundering Act would bring know-your-customer rules to crypto participants such as wallet providers and miners and prohibit financial institutions from transacting with digital-asset mixers, which are tools designed to obscure the origin of funds.
Cathie Wood’s ARK Invest continues to buy on Coinbase’s dip, adding $3.2 million of the crypto exchange’s shares to its portfolio. The investment firm now holds 5.8 million shares. This comes on top of two recent purchases, as the fund increases its holdings of the stock while the share price hits all-time lows. Year to date, the stock is down nearly 84%, underperforming bitcoin, which is down 61%. ARKK is down 64%.
PayPal is integrating its buy, sell and hold crypto services with the MetaMask wallet. The partnership between the payments firm and MetaMask developer ConsenSys is intended to enable users to select their PayPal accounts as a payment option to buy ether on the MetaMask app. MetaMask hopes the offering will help bring more users into the Web3 ecosystem at a time when the sector is looking for a way forward during the crypto winter.
Chart of the Day
- The chart shows correlations between the year-over-year change in the price of bitcoin and backward-looking inflation measures like the Consumer Price Index, Producer Price Index, forward-looking metrics like University of Michigan inflation expectations, the five-year break-even rate, the M2 money supply and S&P 500 and Case-Shiller housing index.
- The yellow areas show correlations between changes in bitcoin's price and forward and backward-looking inflation indicators and assets like gold and the S&P 500.
- Bitcoin closely tracks inflation expectations and appears to be negatively correlated to core CPI, real estate prices and M2 money-supply changes.
- "Bitcoin changes are leading changes in realized CPI inflation and appear to be more correlated to changes in inflation expectations," analysts at Deutsche Digital Assets wrote in a deep dive published early this month.
– Omkar Godbole
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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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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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