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First Mover Americas: Crypto Winter Chills at Digital Currency Group, Coinbase
The latest price moves in crypto markets in context for Jan. 18, 2023.
Yazan Lyllah Ledesma, Omkar Godbole
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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) 1,018 −0.5 ▼ 0.1% Bitcoin $21,232 −32.4 ▼ 0.2% Ethereum $1,578 +6.3 ▲ 0.4% S&P 500 futures 4,018.50 +9.0 ▲ 0.2% FTSE 100 7,851.09 +0.1 ▲ 0.0% Treasury Yield 10 Years 3.54% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
STORY CONTINUES BELOW
Başka bir hikayeyi kaçırmayın.Bugün Crypto Daybook Americas Bültenine abone olun. Tüm bültenleri gör
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Digital Currency Group, a crypto conglomerate that owns CoinDesk, is suspending its dividends until further notice. "In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity. As such, we have made the decision to suspend DCG's quarterly dividend distribution until further notice,” the firm wrote in a letter to shareholders on Tuesday.
Coinbase (COIN) said it is halting its operations in Japan, citing "market conditions." Customers have until Feb. 16 to withdraw their fiat and crypto holdings from the exchange, Coinbase announced on Wednesday. Fiat deposits will be halted on Friday. Coinbase entered the Japanese market after completing its registration with the country's Financial Services Agency in June 2021. The exchange is following in the footsteps of rival exchange Kraken, which ended its operations in Japan at the end of last year. Coinbase’s stock was down 1.6% at $53.27 in premarket trading, amid a rally in the shares, which are up 56% since the start of the year.
The market’s love affair for all things Shiba Inu is continuing, with gains in SHIB and DOGE during the last 24 hours. The Shiba Inu (SHIB) token is up over 20%, according to CoinGecko data, with Nansen reporting heavy trading on both decentralized and centralized exchanges. Nansen reports that nearly $1.1 billion in SHIB has traded hands between Tuesday and Wednesday. Traders are likely anticipating the launch of layer 2 network Shibarium, which puts a canine-themed twist on building on top of the Ethereum blockchain. A test network is expected to launch in the coming weeks. DOGE was up 2.5%.
Chart of the Day
- The chart shows number of bitcoin held in addresses owned by centralized exchanges since May 2020.
- The tally has dropped by 21% to 2.2 million in the past 12 months, reaching its lowest level in nearly five years.
- "The trend we see for bitcoin and CEXs is that holders have been taking BTC off exchanges and into self-custody – especially after the collapse of FTX," analysts at Delphi Digital said.
- "Self-custodied BTC is for holders, and could represent more of the bitcoin supply disappearing into cold storage long term," the analysts added.
– Omkar Godbole
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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market
Tarafından sipariş edildiKuCoin
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.
Bilinmesi gerekenler:
- 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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Here's what bitcoin bulls are saying as price remains stuck during global rally
It's about a lot more than "zooming out." Supply overhangs and investor "muscle memory" regarding gold help explain bitcoin's poor absolute and relative performance.
Bilinmesi gerekenler:
- Bitcoin has failed so far to act as an inflation hedge or safe-haven asset, lagging badly behind gold, which has surged amid high inflation, wars, and interest rate uncertainty.
- Crypto advocates argue that bitcoin’s weakness reflects a temporary supply overhang, investor “muscle memory” favoring familiar precious metals and its correlation with risk assets, rather than a collapse in long-term demand.
- Many bitcoin proponents still see BTC as a superior long-term store of value and “digital gold,” predicting that, once traditional hard assets are overbought, capital will rotate into bitcoin, allowing it to “catch up” to gold.
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