Share this article

MARKETS DAILY: UpBit Hack Reactions & Crypto Liquidity Insights

On today’s episode, we’re talking markets reaction to UpBit exchange hack, crypto liquidity, and VeChain’s November rally.

Updated Dec 12, 2022, 1:55 p.m. Published Nov 27, 2019, 5:00 p.m.
yellowwidenov27marketsdaily

Welcome to the CoinDesk Markets Daily Podcast, a 10-minute look at what's driving the crypto markets today. The podcast appears daily and we'd love you to subscribe in your favorite podcast apphttp://feeds.feedburner.com/MarketsDaily or grab the MP3 here.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

Tune in as CoinDesk podcasts editor Adam B. Levine and senior markets reporter Brad Keoun run down recent action in the markets, interesting longer-term trends and some of the most important crypto industry developments of the day.

On today’s episode:

Any questions, comments or thoughts you'd like to share? Write to Markets Daily at [email protected]

More For You

KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

16:9 Image

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.

More For You

How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem

Strive CEO Matt Cole speaks at BTC Asia in Hong Kong (screenshot)

The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.

What to know:

  • Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
  • The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
  • Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.