As another week concludes, the crypto community witnessed significant changes in the landscape. Leading the pack, Cathie Wood's Ark Invest made a bold move by offloading a substantial portion of its Coinbase Global Inc (NASDAQ:CURRENCY) stocks amid cooling cryptocurrency rally. Meanwhile, Bitcoin is facing a possible recession, according to a crypto analyst.
On the positive side, the BONK (CRYPTO: BONK), a Dogecoin rival, saw a sharp increase in trading volume, while the offering of the self-proclaimed 'Dogecoin killer', Shiba Inu (CRYPTO: SHIB), declined in trades, potentially setting the stage for gains. Let's delve into these developments.
Ark Invest Sells Coinbase Shares Amid Crypto Slowdown Earlier this week, Ark Invest, led by Cathie Wood, made headlines by selling 82,255 Coinbase shares, valued at approximately $11.48 million. The decision came in the wake of a slowdown in the cryptocurrency market, prompting a strategic shift in Ark Invest's portfolio. Notably, shares were sold through ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF. Read the full article here.
Bitcoin Downtrend Predicted by Crypto Analyst Justin Bennett, a renowned cryptocurrency analyst, issued a warning about a possible drop in Bitcoin value. Following a major uptrend, Bennett suggests that Bitcoin could head into a downtrend, potentially sinking to the $38,000 mark. Read the full article here.
Dogecoin rival BONK sees significant gains. Emerging as a strong performer among the top 100 cryptocurrencies, Solana's BONK meme token recorded a notable 75% price increase in a 24-hour period. BONK's trading volume soared by 140%, reaching $681 million. Read the full article here.
Shiba Inu, the 'Dogecoin Killer', Sees Supply ReduceShiba Inu, the Self-Proclaimed 'Dogecoin Killer' (CRYPTO: DOGE), registered a decrease of 0.51% in its supply on the stock exchanges during the last month. This trend suggests a decreased willingness among holders to sell their SHIB tokens on exchanges, suggesting the potential for profits. Read the full article here.
Shiba Inu Is Poised for a Bullish Breakout, Says Crypto Analyst Ali Martinez, a respected cryptocurrency analyst, predicts a major bullish breakout for Shiba Inu. However, he also warned what could happen if the token is rejected. Martinez noted that since September 2022, Shiba Inu has been trading within a descending parallel channel, adding: โCurrently, $SHIB is testing crucial resistance at the upper boundary of this pattern, around $0.000011.โ Read the full article here.
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