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Cathie Wood Says Ark Sold Coinbase Shares Due To Regulatory ‘Uncertainty’

Daily Market Wrap

  • Crypto market cap: 1.08 trillion, down 3.36%

  • BTC price stands at USD 22,897, down 3.59%

  • ETH price stands at USD 1,681, down 4.97%

  • Top gainer: Nexo (NEXO), up 3.79%

  • Top loser: Curve DAO Token (CRV), down 10.54%

News of the Day

Why it matters:

  • Cathie Wood said Ark Investment Management’s sale of some of its Coinbase holdings last month was due to the exchange coming under SEC scrutiny for “securities” related infringements

  • Wood mentioned that Ark opted to sell some of its large Coinbase stakes because of the reported SEC probe that it could potentially change Coinbase’s business model

  • Wood added that the exchange-traded fund (ETF) manager dumped “very little” COIN shares on a volatile trading day. Now, the fund still owns almost five million Coinbase shares, according to Ark holdings data

Crypto Daily Spotlight

Brief introduction: Tornado Cash is a protocol that allows users to send in some cryptocurrency using their own wallets and get it back via different addresses. It is used by some people as a legitimate way to protect their privacy in the still nascent crypto market.

Why it matters:

  • The U.S. Treasury Department has sanctioned the most popular decentralised cryptocurrency mixing service, Tornado Cash, for its role in enabling billions of dollars worth of cryptocurrency to be laundered through its platform

  • As a result, all Americans are prohibited from interacting with Tornado Cash or any of the Ethereum wallet addresses tied to the protocol

  • The Treasury Department cited that Tornado Cash has been a key tool for the Lazarus Group, a North Korean hacking group tied to the recent $625 million March hack of Axie Infinity’s Ronin Network

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