Cathie Wood Sheds Coinbase Shares, Bitcoin Faces Downturn, And Shiba Inu Sees Supply Shrinkage: Top Crypto Updates This Week

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, offloading a substantial portion of its Coinbase Global Inc (NASDAQ:COIN) shares amid a cooling crypto rally. Meanwhile, Bitcoin is facing a possible downturn, according to a crypto analyst.

On the brighter side, meme token BONK (CRYPTO: BONK), a Dogecoin rival, recorded a steep increase in trading volume, while the supply of the self-proclaimed ‘Dogecoin killer,’ Shiba Inu (CRYPTO: SHIB), dwindled on exchanges, potentially laying the groundwork for gains. Let’s delve deeper into these developments.

Ark Invest Sells Off Coinbase Shares Amid Crypto SlowdownEarlier this week, Cathie Wood-led Ark Invest made headlines by selling 82,255 Coinbase shares, valued at approximately $11.48 million. The decision came in the wake of a downturn in the crypto market, prompting a strategic pivot in Ark Invest’s portfolio. Notably, the 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.

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Bitcoin’s Bearish Trend Predicted by Crypto AnalystJustin Bennett, a renowned cryptocurrency analyst, issued a warning about a potential downturn in Bitcoin’s value. Following a substantial uptrend, Bennett suggests that Bitcoin could be heading towards a bearish trend, potentially sinking to the $38,000 mark. Read the full article here.

Dogecoin Rival BONK Makes Significant GainsEmerging as a strong performer among the top 100 cryptocurrencies, Solana’s meme token BONK recorded a noteworthy 75% lift in price within a 24-hour period. The trading volume of BONK shot up by 140%, reaching $681 million. Read the full article here.

‘Dogecoin Killer’ Shiba Inu Sees Supply ShrinkageShiba Inu, the self-proclaimed ‘Dogecoin killer’ (CRYPTO: DOGE), registered a decrease of 0.51% in its supply on exchanges over the past month. This trend suggests a reduced willingness among holders to sell their SHIB tokens on exchanges, hinting at the potential for gains. Read the full article here.

Shiba Inu Poised for Bullish Breakout, Says Crypto…