Crypto today: X in-app trading nears; ARK’s $15M Coinbase buy
X to introduce Smart Cashtags with in-app trading, says Nikita Bier
News
X plans to roll out its Smart Cashtags feature in the “couple” of weeks ahead, according to Head of Product Nikitia Bier, enabling users to trade supported financial assets directly within the app’s timeline. Bier said in an X post on Saturday that the company is launching several features in the coming weeks, including Smart Cashtags, which will let users trade stocks and crypto from the timeline. Source: Nikita Bier
The feature has been anticipated by market participants since Elon Musk acquired the platform in 2022 and outlined plans to develop X into an “everything app.” X remains a central hub for crypto discussions, alongside messaging platform Telegram.
ARK resumes Coinbase purchases with roughly $15M buy after prior sales
ARK Invest returned to buying shares of Coinbase Global after recently trimming its holdings, adding approximately $15 million across multiple actively managed exchange-traded funds on Friday.
The firm purchased 66,545 Coinbase shares via the ARK Innovation ETF (ARKK), 16,832 shares via the Next Generation Internet ETF (ARKW) and 9,477 shares via the Fintech Innovation ETF (ARKF), according to ARK’s daily trade disclosures.
The buying coincided with a sharp move in Coinbase stock. Shares closed Friday’s session at $164.32, up about 16.4% on the day, and edged higher in after-hours trading, according to Google Finance data. Based on the closing price, the total purchase was roughly $15.2 million.
ARK also increased its position in Roblox Corporation across ARKK, ARKW and ARKF. Roblox closed near $63.17 on the New York Stock Exchange on Friday.
Coinbase shares surged 16% on Friday. Source: Google Finance
Pompliano says Bitcoin holders face a test as inflation cools
Bitcoin investors are reassessing their thesis as inflation moderates, according to entrepreneur Anthony Pompliano. Speaking with Fox Business on Thursday, he said the question for investors is whether they can hold the asset without elevated day-to-day inflation, emphasizing Bitcoin’s finite supply and the view that additional money printing would be supportive for its price. He added that “Bitcoin and gold are great long-term things.”
The Consumer Price Index (CPI) fell to 2.4% in January from 2.7% in December, according to the Bureau of Labor Statistics. However, Mark Zandi, Moody’s chief economist, recently told CNBC that inflation “looks better on paper than in reality.”
Market sentiment has weakened, with the Crypto Fear & Greed Index showing an “Extreme Fear” reading of 9 in its Saturday update, the lowest level since June 2022.
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