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First Mover Americas: Bitcoin Falls Back to Below $25K
The latest price moves in crypto markets in context for March 15, 2023.
Updated Mar 15, 2023, 2:11 p.m. Published Mar 15, 2023, 12:26 p.m.
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 has retreated to below $25,000 after reaching a nine- month high on Tuesday at about $26,500. The rise for the world’s largest cryptocurrency by market value came minutes after the U.S. Consumer Price Index was released. The index showed that the rate of inflation is slowing down. Meanwhile, altcoins continue to rally, with stacks (STX) taking the lead. It is up 36% over the past 24 hours. The IMX token for Immutable X, a layer 2 scaling tool for non-fungible tokens on the Ethereum blockchain, surged 30%.
Binance.US' deal to buy the assets of bankrupt crypto lender Voyager Digital for $1 billion should be put on hold while key legal objections are ironed out, the U.S. government said in a filing on Tuesday. The move follows an appeal by the U.S. Trustee, a branch of the Department of Justice responsible for bankruptcy cases, which is concerned that the deal would effectively absolve Voyager and its staff from breaches of tax or securities law.
Anchorage Digital is laying off roughly 20% of its staff, or 75 people, because of the slide in the prices of digital assets, according to a report from Bloomberg. The institutional crypto platform and parent company of Anchorage Digital Bank, the first federally chartered crypto bank in the U.S., told Bloomberg that regulatory uncertainty in the U.S. played a role in its decision to cut staff.
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- Bitcoin's weekly chart shows the cryptocurrency is again struggling to establish a foothold above $25,000, which capped gains last month and in August 2022.
- According to chartered market technician Aksel Kibar, a breakout above $25,000 would shift focus to the next hurdle at $28,600.
- "The challenge for BTCUSD is the immediate strong resistance at $28,600 after $25,000. The ideal condition is to break $25,000 with momentum so that it clears $28,600 in one shot," Kibar noted.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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