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Cathie Wood’s ARK bags $26M in Coinbase shares, unloads Bitcoin ETF

Cathie Wood’s investment firm ARK Invest is showing a mixed reaction to the United States’ latest trade tariffs, offloading shares of its spot Bitcoin ETF while increasing its position in Coinbase.

ARK has acquired $26.6 million of Coinbase (COIN) stock since US President Donald Trump announced new trade tariffs on April 2, according to trading data seen by Cointelegraph.

The purchase includes a $13.2 million COIN buy on April 7 and another $13.3 million purchase on April 4.

Despite this bullish move on Coinbase, ARK simultaneously sold $12 million of its ARK 21Shares Bitcoin ETF (ARKB) on April 7. ARKB was one of the spot Bitcoin ETFs that launched in the United States in January 2024.

ARKW still offers $142 billion of indirect exposure to Bitcoin

ARK’s $12 million ARKB sale from its Next Generation Internet ETF (ARKW) fund is one of the largest daily

The gold standard is back — Stablecoins need to rethink what ‘backing’ really means

Opinion by: William Campbell, advisory lead at USDKG

Stablecoins were heralded as a breakthrough in the cryptocurrency space as a way to marry the lightning-fast, borderless nature of digital assets with the stability of traditional currencies. They achieve this by pegging their value to reserves like fiat currencies or commodities. Stablecoins are engineered to maintain a fixed exchange rate, typically one-to-one, with the underlying asset.

What does “stability” mean? At its core, stability demands three pillars:

Reliable collateral: The tangible assets that back the token.

Transparency: The ability for anyone to independently verify reserves.

Consistent peg maintenance: Robust safeguards against depegging, where a stablecoin’s market value strays from its fixed ratio with the underlying asset.

Without these foundational elements, stablecoins are little more than speculative instruments masquerading as safe harbors. In 2022 alone, billions in value evaporated when supposedly “secure” stablecoins lost their pegs, meaning their market prices diverged significantly from

China’s tariff response may mean more capital flight to crypto: Hayes

China’s response to America’s sweeping trade tariffs could result in capital flight to Bitcoin and crypto, according to BitMEX founder Arthur Hayes.

“If not the Fed [Federal Reserve], then the PBOC [People’s Bank of China] will give us the Yahtzee ingredients,” said Hayes on X on April 8 in reference to the catalyst needed to resume the crypto market bull run.

Hayes said that if the Chinese central bank devalued its currency, the yuan, the “narrative [is] that Chinese capital flight will flow into Bitcoin,” adding that “it worked in 2013, 2015, and can work in 2025.”

Bybit co-founder and CEO Ben Zhou said that China will try to lower the yuan to counter the tariff, adding that historically, whenever the yuan drops, “a lot of Chinese capital flows into BTC,” which is bullish for Bitcoin (BTC).

The yuan has weakened against the greenback

Nigerian court postpones Binance tax evasion case to end of April: Report

A Nigerian court has reportedly delayed the country’s tax evasion case against Binance until April 30 to give time for Nigeria’s tax authority to respond to a request from the crypto exchange.

Reuters reported on April 7 that a lawyer for Binance, Chukwuka Ikwuazom, asked a court the same day to invalidate an order allowing for court documents to be served to the company via email.

Binance doesn’t have an office in Nigeria and Ikwuazom claimed the Federal Inland Revenue Service (FIRS) didn’t get court permission to serve court documents to Binance outside the country.

“On the whole the order for the substituted service as granted by the court on February 11, 2025 on Binance who is … registered under the laws of Cayman Islands and resident in Cayman Islands is improper and should be set aside,” he said.

FIRS sued Binance in February,

US to get its first XRP-based ETF, launching on NYSE Arca

Asset manager Teucrium Investment Advisors is set to launch the first XRP-based exchange-traded fund in the US markets, a leveraged XRP (ETF) on the NYSE Arca.

The Teucrium 2x Long Daily XRP ETF will seek to offer investors two times the daily return of the XRP (XRP) token with a 1.85% management fee and annual expense ratio, according to the company’s website. The XRP-based ETF will trade under the XXRP ticker beginning April 8.

“If you have a short-term high-conviction view on XRP prices, you may consider exploring the Teucrium 2x Long Daily XRP ETF,” the alternative asset manager said.

XXRP currently has $2 million worth of net assets.

Details of Teucrium’s soon-to-be-launched XXRP ETF. Source: Teucrium

Teucrium founder and CEO Sal Gilbertie told Bloomberg on April 7 that investors had shown strong interest in

Wall Street is suffering a stinky meltdown while Fartcoin is up 30%

While crypto and stock markets are deep in the red this week, one memecoin is defying the trend and surging at the time of writing.

Fartcoin (FARTCOIN) has surged a whopping 30% over the past 24 hours, topping $0.60 on April 8, according to CoinGecko.

On April 7, the Solana-based memecoin hit a low of $0.42 amid the broader crypto market slump, which saw Bitcoin (BTC) prices fall below $75,000 to a five-month low.

However, since then the token has gained more than 40% and is one of the crypto market’s top performers at the moment.

Crypto trader “RookieXBT” told their 484,000 followers that Fartcoin volume was increasing “while the world falls apart,” adding, “No other coin is doing this.”

The financial parody account “Not Jerome Powell” quipped, “hot air

Mike Novogratz’s Galaxy Digital gets SEC nod for Nasdaq listing

Artificial intelligence and crypto investment firm Galaxy Digital has been given the nod from the US Securities and Exchange Commission to list on the Nasdaq stock exchange.

The company, which is listed on the Toronto Stock Exchange (TSX), plans to relocate its home base from the Cayman Islands to Delaware, according to an April 7 statement from Galaxy, pending shareholder and TSX approval.

“Our registration statement is now effective with the SEC. We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go!” Galaxy CEO Michael Novogratz said in an April 7 statement to X.

Source: Michael Novogratz

Galaxy anticipates listing on the Nasdaq under the ticker symbol GLXY shortly after the vote, with the transition to be completed by mid-May, contingent on meeting <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etf-blackrock-sec-nasdaq-listing-rules"

$2T fake tariff news pump shows ‘market is ready to ape’

Recent fake news that US President Donald Trump was considering a 90-day pause in tariffs shows the potential for a strong market rebound should a real one take place, according to observers.

A fake news post on X on April 7 from the verified “Walter Bloomberg” account claimed that the White House was considering a 90-day pause on tariffs following an interview with Kevin Hassett, one of Donald Trump’s economic advisers.

“Hassett: Trump is considering a 90-day pause in tariffs for all countries except China,” read the now-deleted post from the user, who is not affiliated with Bloomberg News.

The account, which has a verified badge and 852,000 followers, caused quite a stir after the rumor was mistakenly aired as a banner on CNBC and then amplified by Reuters.

The S&P 500 spiked more than 8% from its low on the day in reaction, the Nasdaq added 9.5% in

Aussie regulator to shut 95 ‘hydra’ firms linked to crypto, romance scams

Australia’s corporate watchdog has been given the nod to shut down 95 “hydra” companies that it suspects engaged in crypto investment and romance scams, known as “pig butchering.”

The Australian Securities and Investments Commission’s application to wind up the companies was approved by the Federal Court of Australia on just and equitable grounds after ASIC found that most of the companies had been incorporated with false information.

Many of these companies were set up purporting to provide “genuine services” but were instead believed to be scamming their victims, ASIC Deputy Chair Sarah Court said in an April 8 statement.

“There appears to be a common pattern of scam activity in the nature of ‘pig butchering,’” Justice Angus Stewart said in an April 4 court ruling after looking at 48 “Reviews of Misconduct” from 17 companies accused of facilitating

SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase

The US Securities and Exchange Commission has released the list of executives from US crypto and finance giants that will take part in a roundtable discussion on crypto trading regulation.

On April 7, the regulator said its upcoming April 11 roundtable will discuss how it should handle crypto trading rules, calling it “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”

It will be the second in a series of discussions on crypto, headed by its recently-formed Crypto Task Force.

Taking part are Uniswap Labs chief legal officer Katherine Minarik, Cumberland DRW associate general counsel Chelsea Pizzola and Coinbase institutional product vice president Gregory Tusar — all firms that had once been in the regulator’s scope.

Under the Biden administration, the regulator sued Cumberland DRW in October and Coinbase in June 2023 for alleged securities law violations, but both <a data-ct-non-breakable="null"