Share this article
Ether Hits Two-Month Low Under $1.4K as Coinbase Premium Index Dwindles
The decline comes as New York Attorney General referred to ETH as a security in its lawsuit against the cryptocurrency exchange KuCoin.
Updated Mar 10, 2023, 4:05 p.m. Published Mar 10, 2023, 8:11 a.m.
Ether (ETH), the native token of Ethereum's blockchain, slipped to a two-month early Friday as regulatory uncertainty and problems at a key lender for tech firms zapped investors' risk appetite.
Per one observer, the selling pressure for ether came mainly from the Nasdaq-listed crypto exchange Coinbase (COIN). The native token of Ethereum's blockchain fell to $1,392, the lowest since Jan. 12, amounting to a 24-hour decline of more than 8%, CoinDesk data show.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Data tracked by South Korea-based CryptoQuant shows ether's Coinbase premium index, which measures the gap between ETH's dollar-denominated price on Coinbase and ETH's tether-denominated price on Binance, slipped to the lowest since Jan. 18.
"Coinbase led the selling pressure," CryptoQuant tweeted, referring to the decline in the Coinbase premium.
The New York Attorney General's brief, which refers to ether as a security in the state's lawsuit against the cryptocurrency exchange KuCoin likely catalyzed the selling. If ether is deemed a security and not commodity, then the Securities and Exchange Commission may subject ether investors to stringent requirements regarding registration, disclosure and accreditation.
Silicon Valley Bank's fire sale of its bond holdings and resulting fears of full-blown liquidity crisis in the banking sector likely added to bearish pressures around ether.
More For You
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.
More For You
These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
Top Stories
