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First Mover Americas: Bitcoin Falls to Below $23.5K
The latest price moves in crypto markets in context for March 2, 2023.
Updated Mar 2, 2023, 1:16 p.m. Published Mar 2, 2023, 1:10 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.
Latest Prices
CoinDesk Market Index (CMI) 1,103 −17.0 ▼ 1.5% Bitcoin $23,415 −327.5 ▼ 1.4% Ethereum $1,645 −12.0 ▼ 0.7% S&P 500 futures 3,941.25 −15.3 ▼ 0.4% FTSE 100 7,904.61 −10.3 ▼ 0.1% Treasury Yield 10 Years 3.99% ▲ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Bitcoin was trading down 2% on the day after hovering at around $24,000 on Wednesday. The world’s largest cryptocurrency by market capitalization was trading at about $23,400 at the time of writing. One analyst noted on Twitter that if bitcoin cannot hold $23,200 after it failed to break through a resistance level, then it will likely test the mid-$22,000 mark before seeing any upward movement. Ether also lost ground over the last 24 hours, down 1%. Altcoins also began to drop on Thursday, with the tokens for Stacks (STX), Lido DAO (LDO) and The Graph (GRT) all down around 7%.
Binance is making another attempt at getting a license in Singapore, but this time as a custodian, according to a report from Nikkei Asia. The exchange’s custody unit, which it rebranded as Ceffu in early February, is applying for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in the city-state, according to the report. Binance says the name Ceffu is a reference to SAFU (Secure Asset Fund for Users), its insurance policy. As a custodian, Ceffu would deal only with institutional investors and high-net-worth individuals, not retail customers.
IOST, the native token of the IOST Network, surged by 8.7% after the company announced that it has struck a deal to integrate with Amazon Web Services. IOST, which stands for Internet of Services Token, will look to enhance its decentralized finance, non-fungible token, GameFi and Web3 offerings by integrating with AWS' Web3, according to an announcement. The network will use AWS' artificial-intelligence tools and decentralized internet architecture, the announcement added.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- 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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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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