Share this article
First Mover Americas: Digital Currency Group Is Closing Down TradeBlock
The latest price moves in crypto markets in context for May 26, 2023.
Updated May 26, 2023, 6:07 p.m. Published May 26, 2023, 12:00 p.m.
Make us preferred on Google
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
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Digital Currency Group (DCG), the parent company of CoinDesk is closing down its trade execution and prime brokerage services unit, TradeBlock, citing crypto winter and regulatory uncertainties. The shutdown of the unit, which provides trading services to institutional investors, will be effective as of May 31, a DCG spokesperson told CoinDesk. TradeBlock was acquired in 2020 by CoinDesk, and was later spun out as its own standalone business. CoinDesk kept the index data operating from the deal, which was rebranded as CoinDesk Indices, and "has proven to be a successful acquisition," the spokesperson said. The story was first reported by Bloomberg.
The number of ether (ETH) on exchanges has hit a low not seen since July 2016 as staking saps up available tokens. Data from Glassnode shows that as of Thursday, 14.85% of all ether was held in wallets owned by centralized exchanges. That’s the smallest proportion since ether was in its infancy during the summer of 2016. In contrast, during the bull market of 2021, the exchange balance was around 25%. Low exchange balances are typically thought to be a bullish sign as it means the supply of ether available for purchase is limited.
U.S. Bitcoin Corp. (USBTC) is set to become one of the largest miners in America following a deal to buy mining assets from bankrupt lender Celsius. The company is part of the Farenheit consortium that won a bankruptcy auction for the Celsius assets, which include a lending portfolio, cryptocurrencies and 121,800 mining machines. Once it brings all the mining rigs online, its fleet will total at least 270,000 mining rigs and computing power of 12.2.exahash/second (EH/s), the firm told CoinDesk, putting U.S. Bitcoin Corp. alongside other U.S. mining giants likes Riot Platforms (RIOT), Core Scientific (CORZ) and Marathon Digital Holdings (MARA).
Chart of the Day
- The chart shows dogecoin's daily price changes since June 2022.
- The dog-themed cryptocurrency has broken out of a falling wedge pattern, indicating a bullish trend reversal.
Trending Posts
More For You
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.
More For You
How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
Top Stories
