First Mover Americas: Bitcoin Falls to Below $23.5K

The latest price moves in crypto markets in context for March 2, 2023.

AccessTimeIconMar 2, 2023 at 1:10 p.m. UTC
Updated Mar 2, 2023 at 1:16 p.m. UTC

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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−17.0 1.5%
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BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

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Bitcoin was trading down 2% on the day after hovering at around $24,000 on Wednesday. The world’s largest cryptocurrency by market capitalization was trading at about $23,400 at the time of writing. One analyst noted on Twitter that if bitcoin cannot hold $23,200 after it failed to break through a resistance level, then it will likely test the mid-$22,000 mark before seeing any upward movement. Ether also lost ground over the last 24 hours, down 1%. Altcoins also began to drop on Thursday, with the tokens for Stacks (STX), Lido DAO (LDO) and The Graph (GRT) all down around 7%.

Binance is making another attempt at getting a license in Singapore, but this time as a custodian, according to a report from Nikkei Asia. The exchange’s custody unit, which it rebranded as Ceffu in early February, is applying for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in the city-state, according to the report. Binance says the name Ceffu is a reference to SAFU (Secure Asset Fund for Users), its insurance policy. As a custodian, Ceffu would deal only with institutional investors and high-net-worth individuals, not retail customers.

IOST, the native token of the IOST Network, surged by 8.7% after the company announced that it has struck a deal to integrate with Amazon Web Services. IOST, which stands for Internet of Services Token, will look to enhance its decentralized finance, non-fungible token, GameFi and Web3 offerings by integrating with AWS' Web3, according to an announcement. The network will use AWS' artificial-intelligence tools and decentralized internet architecture, the announcement added.

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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

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