Ark Invest Adds Nearly $40M of Crypto Equities for Second Day as Sell-Off Continues

Coinbase has announced the introduction of 24/7 trading for several cryptocurrencies, including SHIB, Bitcoin Cash, and Dogecoin, enhancing its trading capabilities and user engagement. This move is part of Coinbase's ongoing efforts to expand its services and adapt to the evolving cryptocurrency market.

Coinbase has executed an internal wallet migration, a standard practice in the cryptocurrency industry aimed at enhancing cybersecurity measures. This migration reflects the company's commitment to maintaining high security standards amidst evolving threats in the digital asset space.

Coinbase has reported a significant widening of its 'negative premium,' indicating weak demand in the U.S. cryptocurrency market. This premium gap has reached its widest level since the first quarter of the year, reflecting a decline in institutional interest and increased selling pressure on Bitcoin.

ARK Invest has significantly increased its cryptocurrency investments by acquiring shares in Bullish, BitMine, Circle, and Robinhood, along with nearly $600,000 in Bitcoin ETFs, as the market shows signs of recovery after a recent downturn.

Analysts have observed a 15% surge in XRP's price, attributed to the reappearance of a key metric that has historically indicated short-term rebounds. Crypto expert Dom noted that this pattern has consistently led to price recoveries of at least 10%. Despite recent volatility in the broader cryptocurrency market, XRP has shown resilience, maintaining trading levels above $2.

Coinbase has acquired Vector, a decentralized trading platform built on the Solana blockchain, for an undisclosed amount. This acquisition marks Coinbase's continued investment in Solana, following previous purchases of Deribit and Echo. The move is part of Coinbase's strategy to enhance its offerings in the cryptocurrency market.

Recent data indicates that the demographic of sellers is significantly influencing the price crash of Bitcoin, Ethereum, and Dogecoin. The Coinbase BTC premium index continues to decline, revealing the source of sell pressure. Notably, the U.S. trading session has been the weakest this month, with Bitcoin experiencing a 12% drop since November's start, impacting Ethereum and Dogecoin prices similarly.

Coinbase has announced the acquisition of Vector, a decentralized exchange (DEX) built on the Solana blockchain. This move is part of Coinbase's ongoing strategy to expand its consumer trading operations and enhance its offerings in the rapidly evolving cryptocurrency market.