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Crypto news summary: Cathie Wood, El Salvador, and Shiba Inu

Cathie Wood is dumping Coinbase stocks, but El Salvador continues to adopt Bitcoin in several ways. Shiba Inu turns two and much more.

You may also read: Interest rates are rising and so is crypto

Cathie Wood’s fund sold Coinbase shares

1.41 million Coinbase shares were sold by Ark Invest with a valuation of about $75 million. The selloffs represent a significant shift in strategy for Wood, whose investment company was once the third-largest shareholder in the company. The recent charge of insider trading in crypto against a former Coinbase employee has changed everything. The U.S. Securities and Exchange Commission (SEC) may have now opened an investigation on Coinbase to see if there was more fraudulent behavior.

El Salvador continues to adopt Bitcoin

Despite the significant decline in cryptocurrency prices, President Nayib Bukele has put tens of millions of dollars from public funds into Bitcoin. According to Alejandro Zelaya, El Salvador’s finance minister, the country is sticking by its decision to accept Bitcoin as legal currency. Alejandro Zelaya claims they are still intending to proceed with a Bitcoin-backed bond among one of the worst bear markets in the history of crypto.

According to Zelaya, Bitcoin City, which Bukele announced with much excitement immediately after the market top in November, will still go forward. The city-themed around cryptocurrencies will be constructed at the foot of a volcano and will mine Bitcoin using renewable energy sources. However, he also argues that a longer-term view is needed, saying the following: 

“We aren’t going to have results overnight. We can’t go to bed poor and wake up millionaires. New technologies have shown how people in previous years were afraid of things like websites and digital business, but it’s been shown through time that reality imposes itself.”

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Michael Saylor does not like Ethereum

Ethereum has been criticized by Michael Saylor, who questions whether it is morally, commercially, or technically a sound investment. The CEO of MicroStrategy cited Vitalik Buterin, a co-founder of Ethereum, who said that the blockchain is around 40% complete. Saylor stated that he would have to wait till the protocol is finished before deciding on its value as an institutional investor. Furthermore, Saylor said that Bitcoin’s monetary policy had been determined for the next 1,000 years. In contrast, Ethereum’s monetary policy may alter over the course of the next three years, and significant enhancements create new possible attack gateways.

Unstoppable Domains is the new unicorn

Recently, Unstoppable Domains earned the “unicorn” status with its $1 billion valuation. In order to “fuel product innovation and expand collaborations in the Web3 area,” the company has raised $65 million. NFT domains from Unstoppable are human-readable usernames that can be used as website addresses and wallet addresses for payments. More than 2.5 million of these NFT domains have been registered to date, and more than 150 Web3 apps may now be accessed using them. The CEO of Unstoppable Domains, Matthew Gould, claims that internet giants have had too much control over people’s digital identities and that his company’s solution helps return power to the people.

Harmony is looking for compensation on the $100 hack

Harmony is looking for ways to recover from the $100 million Horizon Bridge hack and deal with major troubles. Harmony is committed to making it up to its victims, and estimates indicate that the assault affected 65,000 wallets. One choice entails creating 4.97 billion new ONE tokens, which would be distributed progressively over a three-year period. However, some investors claim Harmony should not be expected to compensate victims and accuse them of creating new tokens out of thin air. A supply increase of this magnitude could raise inflationary pressure and have a long-term impact on prices. There is an ongoing vote between August 1 and August 15, although Harmony’s team is being asked to look at alternative possibilities.

Shiba Inu turns two

At the time of its inception on August 1, 2020, the Shiba Inu token had a price of $0.000000000972241 (nine zeroes) and the aggressive description “Dogecoin killer.” Today, Shiba Inu turns two. When it first launched, its motto garnered attention and drew investors to the coin. SHIB softened its tone and took down the “Dogecoin killer” phrase from their website a year later. However, since its introduction two years ago, SHIB has made significant progress by removing numerous “zeroes” from its price. At the moment, one SHIB is worth $0.00001215, thus removing a little more than four zeroes, growing in value by more than 125,000% at the current prices. 

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

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