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First Mover Americas: Paxos Acts on Regulator Threat
The latest price moves in crypto markets in context for Feb. 13, 2023.
Updated Feb 13, 2023, 5:35 p.m. Published Feb 13, 2023, 1:09 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.
CORRECTION (Feb. 13, 2023, 16:10 UTC):Corrects that Paxos said it would cease issuing Binance USD at the direction of the New York Department of Financial Services, not the U.S. Securities and Exchange Commission.
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CoinDesk Market Index (CMI) 1,023 −21.5 ▼ 2.1% Bitcoin $21,676 −151.8 ▼ 0.7% Ethereum $1,489 −37.0 ▼ 2.4% S&P 500 futures 4,112.50 +12.8 ▲ 0.3% FTSE 100 7,912.50 +30.0 ▲ 0.4% Treasury Yield 10 Years 3.74% ▲ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). It was reported on Sunday that the SEC intended to sue Paxos for selling BUSD as an unregistered security. This came only days after CoinDesk reported that Paxos was under investigation by NYDFS. BUSD is a Binance-branded stablecoin issued and managed by Paxos. Binance said it would be reviewing projects in markets where regulatory uncertainty could cause difficulties for users.
A modest weekend rally in bitcoin (BTC) and ether (ETH) was snuffed out by the Paxos/SEC report on Sunday evening. Bitcoin had managed to claw back above $22,000, but the price fell several hundred dollars in the minutes after the report hit, and early Monday morning was trading around $21,700, roughly where it closed the week last Friday. Wall Street equity futures steadied Monday ahead of the release of U.S. consumer price data on Tuesday.
EU banks would have to place the maximum possible risk weight on crypto assets under a draft law published by the European Parliament on Friday. The planned rules could determine how the traditional financial sector engages with digital assets. Under the proposed rules, as previously reported by CoinDesk, banks would have to disclose their direct and indirect exposure to crypto, while the European Commission prepares more detailed guidelines for the sector.
Chart of the Day
- The chart shows the yield on the U.S. two-year treasury note has jumped more than 30 basis points to 4.54% this month, reaching the highest since Nov. 30.
- A continued move higher might push risk assets, including stocks and cryptocurrencies, lower.
- When yields rise, stocks tend to fall in value because of lower future earnings. Cryptocurrencies tend to move in line with stocks.
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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market
Tarafından sipariş edildiKuCoin
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.
Bilinmesi gerekenler:
- 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 what bitcoin bulls are saying as price remains stuck during global rally
It's about a lot more than "zooming out." Supply overhangs and investor "muscle memory" regarding gold help explain bitcoin's poor absolute and relative performance.
Bilinmesi gerekenler:
- Bitcoin has failed so far to act as an inflation hedge or safe-haven asset, lagging badly behind gold, which has surged amid high inflation, wars, and interest rate uncertainty.
- Crypto advocates argue that bitcoin’s weakness reflects a temporary supply overhang, investor “muscle memory” favoring familiar precious metals and its correlation with risk assets, rather than a collapse in long-term demand.
- Many bitcoin proponents still see BTC as a superior long-term store of value and “digital gold,” predicting that, once traditional hard assets are overbought, capital will rotate into bitcoin, allowing it to “catch up” to gold.
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