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First Mover Americas: Binance.US Suspends Dollar Deposits
The latest price moves in crypto markets in context for June 9, 2023.
Jun 9, 2023, 12:23 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.
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Binance.US says it's temporarily transitioning to an all-crypto exchange as of June 13, citing pressures from the U.S. Securities and Exchange Commission (SEC), which targeted the company with a major enforcement action this week. In a tweet, the U.S. arm of Binance said USD and deposits will be suspended as of June 9, and USD-based trading pairs will be de-listed shortly after. Trading, staking and deposits and withdrawals in crypto will remain fully operational.
Cryptocurrency custody firm BitGo has reached a preliminary agreement to buy Prime Trust, another crypto custody specialist regulated in the state of Nevada. In a blog post, BitGo confirmed an earlier story from CoinDesk that a tentative deal had been agreed upon. In a statement, Prime Trust Interim CEO Jor Law called the move "a significant enhancement for the industry." BitGo President Mike Belshe described the deal as a “landmark transaction … With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base.”
Coinbase (COIN) shares are "uninvestable" in the near term, investment bank Berenberg said in a research report Thursday. The company was already expected to report weak second-quarter 2023 trading volumes before the SEC filed a lawsuit against it on Tuesday, said analyst Mark Palmer. This weakness may now persist and intensify thanks to the overhang from the SEC action, he added. "The upshot is that we view COIN shares as uninvestable in the near term." Palmer maintained his hold rating on the stock, but slashed his price target to $39 from $55, suggesting nearly 30% downside from last night’s close of $54.90.
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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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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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