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First Mover Americas: SEC Targets Gemini, Genesis
The latest price moves in crypto markets in context for Jan. 13, 2023.
Updated Mar 3, 2023, 7:03 p.m. Published Jan 13, 2023, 1:15 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.
Latest Prices
CoinDesk Market Index (CMI) 911 +26.0 ▲ 2.9% Bitcoin $18,883 +663.8 ▲ 3.6% Ethereum $1,407 +12.4 ▲ 0.9% S&P 500 futures 3,983.00 −20.5 ▼ 0.5% FTSE 100 7,831.79 +37.8 ▲ 0.5% Treasury Yield 10 Years 3.45% ▼ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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The U.S. Securities and Exchange Commission alleged Cameron and Tyler Winklevoss' crypto exchange Gemini and crypto lender Genesis Global Capital sold unregistered securities in a lawsuit filed late Thursday. The regulator took aim at Gemini Earn, the troubled interest-bearing product that hundreds of thousands of U.S. investors entrusted with their crypto. Gemini generated yield on billions of dollars in crypto by loaning deposits to Genesis, which loaned them out again. (Genesis is owned by Digital Currency Group, which also owns CoinDesk.)
Crypto.comis cutting its workforce by around 20% as the industry continues to reel from the effects of the crypto winter. The firm cited economic headwinds from the downturn in the crypto market and the implosion of crypto exchange FTX. "We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments," Kris Marszalek, co-founder and CEO, wrote in a post.
Noted growth investor Cathie Wood isn't backing away from her crypto conviction as her firm, ARK Invest, purchased more shares of exchange Coinbase (COIN) on Thursday. Coinbase is now the 12th-largest holding for the ARK Innovation ETF (ARKK), making up 3.87% of the fund's weight. Overall, the fund has a cost average of $254.65 for the shares, which closed at $47.55, up 8.6%, on Thursday. Analysts on average have a price target of $61.46, according to data compiled by FactSet.
Chart of the Day
- The chart shows the daily dollar value of short bets in the bitcoin futures market liquidated since August.
- On Thursday, centralized exchanges liquidated short positions worth $61.8 million, the highest since Sept. 9, taking out overleveraged bears from the market as bitcoin jumped to a two-month high of $19,097.
- Liquidations happen when traders cannot fulfill margin requirements for holding long/short positions and often exacerbate bullish/bearish moves.
– 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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Bitcoin stuck near $88,000 as gold's and silver's record-breaking rallies show exhaustion signs
"Gold and silver casually adding an entire bitcoin market cap in a single day," wrote one crypto analyst.
What to know:
- Bitcoin is off its worst levels of the weekend, but still near the year's low at $87,700.
- Facing the same news cycle as crypto, precious metals continued to surge higher, but a quick retreat from their highs on Monday suggested a bit of exhaustion was setting in.
- Analysts remain dour on the outlook for crypto prices given the looming government shutdown as well as delays in passage of the Clarity Act.
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