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First Mover Americas: Bankman-Fried Pleads Not Guilty
The latest price moves in crypto markets in context for Jan. 4, 2023.
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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.
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CoinDesk Market Index (CMIP) 837 +11.3 ▲ 1.4% Bitcoin $16,823 +108.5 ▲ 0.6% Ethereum $1,252 +37.0 ▲ 3.0% S&P 500 futures 3,863.25 +17.3 ▲ 0.4% FTSE 100 7,598.41 +44.3 ▲ 0.6% Treasury Yield 10 Years 3.79% ▼ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Sam Bankman-Fried pleads not guilty to fraud and conspiracy charges. Bankman-Fried, who is facing eight criminal charges including wire fraud and campaign-finance violations, pleaded not guilty to all charges via his lawyer at a hearing in federal court in New York. The former CEO of the now-bankrupt crypto exchange FTX made his second appearance in the courthouse on Tuesday. At his first appearance last week, he was released on a personal recognizance bond, and shortly after, flew back to his parents' home in California. His not guilty plea was expected, according to an earlier report in the Wall Street Journal.
Bitcoin miner Core Scientific (CORZ) will shut down 37,000 mining rigs it hosts for Celsius Mining. Core turned the machines off after moving to reject its contract to host the equipment. The two firms have been engaged in litigation over the 2020 deal, which Core Scientific says is costing it $2 million in revenue per month. Both companies are in Chapter 11 bankruptcy: Celsius Mining filed last July, along with its parent company, Celsius Network, and Core filed last month.
Shiba Inu-themed BONK tokens are yielding nearly 1,000% for Solana liquidity providers. Bonk, which was issued on Dec. 25, has returned 2,220% to traders in the past week, with a 150% rise in the past 24 hours alone. The token was airdropped to Solana NFT (non-fungible token) communities and creators, which led to quick hype and trading volumes for the token. Early investors aren’t the only ones gaining, however. Liquidity pools on Solana-based decentralized exchanges such as Orca have attracted over $20 million in volume for trading pairs involving BONK.
Chart of the Day
- The chart shows bitcoin's perpetual futures funding rates going back to late October.
- The recent positive flip in funding rates suggests investors with long positions are paying short sellers to keep their bullish positions open.
- "Moderately positive aggregate funding rates indicate traders are taking a predominantly bullish stance," Lewis Harland, portfolio manager at Decentral Park Capital, said.
– 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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XRP drops 4% as traders watch whether $1.88 support holds
Price stabilizes near recent lows after a volatile pullback from above $2.
What to know:
- XRP slipped nearly 4% as bitcoin fell below $88,000, with price action driven more by market structure and positioning than by changes to Ripple’s fundamentals.
- Spot XRP ETFs saw about $40.6 million in weekly outflows, suggesting institutional profit-taking and rotation rather than a loss of confidence in the asset.
- XRP remains range-bound in a tight consolidation between support around $1.88 and resistance near $1.93–$1.95, with fading volume pointing to a larger move once the current stalemate resolves.
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