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Cathie Wood’s ARK Invest has sold another 43,956 Coinbase shares as the stock hits an 18-month high at $119.7 per share. ARK Invest, one of the companies that filed an application for a spot Bitcoin (BTC) exchange-traded fund (ETF), is again taking profits on its Coinbase (COIN) shares as the stock price surges. On Nov. 27, ARK sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. Coinbase stock reached $119.7 per share at the time of the sale, giving the transaction a value of $5.3 million, data from TradingView shows. Coinbase crypto exchange has seen its shares jump to an 18- month high after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States on Nov. 21, 2023. According to data from TradingView, Coinbase stock is up 168% over the past year, surging more than 220% since January 2023. The stock is still down about 70% fr...

After actively supporting Pendle since its launch in 2021, Spartan Capital has made a follow-on investment in Pendle Finance via an OTC purchase. Singapore-based digital asset investment firm Spartan Group has announced investment in the decentralized finance (DeFi) protocol Pendle Finance (PENDLE). After actively supporting Pendle since its launch in 2021, Spartan Group’s crypto venture capital arm Spartan Capital has made a follow-on investment in Pendle Finance through an over-the-counter, or OTC, purchase. The firm emphasized that Spartan and Pendle have had a strong partnership since the DeFi’s project inception, noting that the latest investment aims to support the project in its further ambitions. “At Spartan Capital, we recognize the transformative potential of Pendle and their pivotal role in driving the advancement of on-chain yield trading,” Spartan noted. This is a developing story, and further information will be added as it becomes available. Source: https://thebittim...

Recent bank failures have highlighted the need for Blockchain-based cryptocurrency such as Bitcoin. Credit rating agency Moody's, has recent ly downgraded its outlook on the entire US banking system from "stable" to " negative ." The move comes in light of recent bank failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which has prompted regulators to intervene with a rescue plan for impacted depositors and institutions.  Despite the downgrade, bank stocks rallied strongly, with the SPDR Bank exchange-traded fund rising nearly 6.5% in morning trade, NBC News reported. Moodys reportedly noted that an extended period of low rates combined with pandemic-related fiscal and monetary stimulus have complicated bank operations. Banks with substantial unrealized securities losses and non-retail and uninsured US depositors may still be at risk, according to Moody’s. Moody’s expects the US economy to fall into recession later this year, further pre...

Alexis Ohanian is extremely bullish on cryptocurrency, even using the proceeds from his early Ether investment to found a crypto-focused venture capitalist firm. The co- found er of the social media website Reddit, Alexis Ohanian, reportedly bought 50,000 Ether (ETH) for just $15,000 during the cryptocurrency’s presale in 2014, a cost of just 30 cents per coin. Ohanian, who left the social media giant in 2020, told Forbes in a Feb. 21 article that he found the idea of a decentralized store of value to be very attractive partly due to his Armenian heritage, prompting him to take an early gamble on Ethereum. “Any group of people who have in their consciousness, or in their collective history, some idea of persecution, especially by a state, makes the idea of a store of value that is not controlled by any single state very attractive. And so, in some ways it was hardwired in me then, and made me in a way receptive to the idea of a decentralized currency.” At current prices, this investm...