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Bitcoin News Roundup for Sept. 2, 2020
With bitcoin's price dropping overnight as DeFi booms, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 9:51 a.m. Published Sep 2, 2020, 4:00 p.m.
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With bitcoin's price dropping overnight as DeFi booms, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today's stories:
Bitcoin Price Drops 4% After Latest Rejection at $12K Resistance
Bitcoin fell by $400 Wednesday morning, having failed once more to move above a long-held resistance level.
Bitcoin Miners Saw 23% Revenue Increase in August
Miners generated an estimated $368 million in August. Revenue estimates assume miners sell their bitcoins immediately.
DeFi Flippening Comes to Exchanges as Uniswap Topples Coinbase in Trading Volume
Trading volumes are surging on Uniswap and other so-called decentralized cryptocurrency exchanges, challenging established venues like Coinbase.
Police Reportedly Raid Headquarters of Bithumb, South Korea's Largest Exchange
Crypto exchange Bithumb has reportedly been seized by police in Seoul on allegations its chairman engaged in investment fraud.
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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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