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First Mover Americas: Hedera’s Token Gains on Fed Move
The latest price moves in crypto markets in context for August 14, 2023.
Updated Aug 14, 2023, 5:04 p.m. Published Aug 14, 2023, 12:24 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.
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Hedera Hashgraph’s HBAR token took the lead among major cryptocurrencies on Monday with a gain of 15% over the last 24 hours, after the U.S. Federal Reserve’s FedNow added a Hedera Hashgraph-based micropayments platform, Dropp, as a service provider. FedNow is an instant payment service provider developed by the Fed for depository institutions in the U.S. Hedera is a public distributed ledger based on a Hashgraph algorithm that the company says allows users to process transactions quickly and cheaply. Bitcoin and ethereum were trading flat on Monday after trading in a tight range over the weekend.
FTX founder Sam Bankman-Fried has been sent back to jail ahead of his October trial on seven federal criminal charges after a federal judge revoked his release on bond Friday afternoon, saying the former crypto heavyweight appears to have tried to tamper with witnesses. Bankman-Fried is willing "to risk crossing the line in an effort to get right up to [the line], wherever it is," said U.S. District Judge Lewis Kaplan in New York. Bankman-Fried's lawyers said they will appeal the decision and asked that Bankman-Fried remain free until the appeal is heard. The judge rejected that motion.
Bank of America wrote in a research report last week that PayPal’s (PYPL) new stablecoin, , won't likely to be adopted widely anytime soon and longer term will face more competition from other branded stablecoins.“Investors may have been fine holding non-yield bearing stablecoins such as Tether and USD Coin (USDC), when rates were close to zero, but yield-bearing stablecoins will likely become increasingly available and attractive with short-terms rates above 5%,” analysts Alkesh Shah and Andrew Moss wrote.
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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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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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