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First Mover Americas: Bitcoin Soars Past $30K
The latest price moves in crypto markets in context for April 11, 2023.
Updated Apr 11, 2023, 3:13 p.m. Published Apr 11, 2023, 12:10 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.
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Bitcoin broke the $30,000 level for the first time since June on Tuesday as March's banking turbulence fades farther into the distance and investors grow more optimistic about the Federal Reserve's monetary policy. Bitcoin was up 6% in the past 24 hours to $30,100. Trading volume, however, remains low, according to Matteo Bottacini, a trader at Crypto Finance AG. “This indicates that few are taking profits from the year-end low and new buyers are still hesitant to enter the market,” Bottacini wrote in a morning note. Crypto-related stocks also climbed on the back of bitcoin’s rise. Marathon Digital (MARA), Coinbase (COIN) and MicroStrategy (MSTR) all rose on Monday and were up further in premarket trading on Tuesday.
Tyler and Cameron Winklevoss recently lent their Gemini cryptocurrency exchange $100 million to support the business amid the market downturn, Bloomberg reported. The brothers provided the loan after trying to get outside investment for Gemini, Bloomberg said, citing anonymous sources. A Gemini spokesperson didn't immediately respond to a CoinDesk request for comment. The $100 million figure stands out in part because that equals the amount Gemini agreed to give some of its customers as part of the Genesis bankruptcy case. Genesis, which, like CoinDesk, is owned by Digital Currency Group, froze withdrawals in the aftermath of crypto exchange FTX's collapse last year, a decision that locked up money for customers of Gemini's Earn yield product.
Millions of Aptos Labs' APT tokens will be unlocked on Wednesday in a planned move that’s set to increase the circulating supply by 0.5%, data shows. APT rose nearly 8% in the past 24 hours, according to CoinGecko. The Aptos network has a market cap of over $2.3 billion, and the APT unlock is valued at over $50 million based on current prices. Unlocks refer to the automatic release of new tokens belonging to any blockchain network into the open market. They are often previously planned. Aptos is a blockchain that was founded by former employers of Facebook's parent company, Meta Platforms (META), after Facebook abandoned its own plans to create a blockchain-based payments network called Diem (formerly Libra).
Chart of the Day
- The chart shows changes in bitcoin's 30-day rolling correlation with gold and U.S. equities since June 2021.
- Bitcoin's correlation with gold has topped 50%, surpassing the cryptocurrency's positive correlation with stocks.
- In other words, bitcoin's immediate prospects are more closely tied to gold than stocks.
- "Combined with on-chain data showing that the share of BTC long-term holders is steadily increasing, this could indicate that the attractiveness of BTC as a safe-haven asset is on the rise," Paris-based crypto data provider Kaiko said.
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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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Bitcoin pushes above $90,000 as traders eye change in pattern
Particularly hard-hit in 2025's final sessions, crypto-related stocks are bouncing in this year's first trading day.
What to know:
- Bitcoin rose above $90,000 during U.S. trading hours on Friday.
- It's a notable change in trend, as crypto prices late in 2025 were typically on the defensive while American stocks traded.
- Strategy, Coinbase, Hut 8 and Galaxy Digital were among the crypto-related stocks seeing strong gains.
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