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First Mover Americas: Kraken's SEC Settlement Sends Crypto Markets Tumbling
The latest price moves in crypto markets in context for Feb. 10, 2023.
Updated Feb 10, 2023, 5:07 p.m. Published Feb 10, 2023, 1:07 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.
Latest Prices
CoinDesk Market Index (CMI) 1,037 −56.3 ▼ 5.2% Bitcoin $21,763 −909.0 ▼ 4.0% Ethereum $1,539 −93.3 ▼ 5.7% S&P 500 futures 4,065.50 −26.3 ▼ 0.6% FTSE 100 7,855.15 −56.1 ▼ 0.7% Treasury Yield 10 Years 3.68% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Crypto exchange Kraken will immediately end its crypto staking-as-a-service platform for U.S. customers and pay $30 million to settle Securities and Exchange Commission (SEC) charges concerning the offering of unregistered securities. The SEC's official announcement confirmed a CoinDesk scoop from earlier in the day. The platforms offered the general public access to staking services since at least 2019. Governance tokens of the largest liquid staking protocols surged on the news, with LDO, the governance token of the largest liquid staking protocol Lido Finance with some $8.4 billion of staked ether (ETH) on the platform, jumping 10.4% in the hour after the SEC announcement.
Hedera Hashgraph (HBAR) was a rare crypto in the green on Friday, gaining 7% as most other tokens were sizably lower. Hadera, often described as an alternative to blockchain which is able to quickly and cheaply process transactions, is now up 67% over the past month. The network announced earlier in the week that technology company Dell had joined its governing council to “help organizations explore distributed ledger technology.” The governing council already consisted of Google, IBM, LG and more.
The New York Department of Financial Services (NYDFS) is investigating stablecoin issuer Paxos. The full scope of the probe is unclear and a NYDFS spokesperson said the agency could not comment on ongoing investigations. Paxos’ stablecoins include the Paxos dollar (USDP) and Binance USD (BUSD), a Binance-branded stablecoin offered through a white-label service. Paxos has been in the news recently over rumors that the U.S. Office of the Comptroller of the Currency (OCC) may ask it to withdraw its application for a full banking charter. Paxos has denied these rumors.
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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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