Coinbase CEO Brian Armstrong sold Coinbase shares prior to receiving a warning from the Securities and Exchange Commission (SEC)

The U.S. Federal Reserve sticks to its goal of reducing inflation to 2% and raises interest rates by another 25 bps to 4.75%-5%. Fed Chair Jerome Powell said officials don’t see rate cuts this year and could raise rates higher than expected if needed. He also added that US banks are “sound”. Meanwhile, Treasury Secretary Janet Yellen disclosed that the FDIC will not offer “blanket insurance” for all bank deposits.

Cathie Wood questioned the US government's handling of the recent banking crisis. She highlighted the irony that as crypto assets soared during the Silicon Valley Bank meltdown, the government suggested that investors in regional banks - equity and bond holders - should prepare to be "wiped out" in the aftermath of an unprecedented 20-fold increase in the Fed funds rate.

Wood suggests that businesses and individuals are now hedging their fiat assets with some crypto assets.

While overall funding in Web3 was down last year from 2021, several top investors in the space such as Shima Capital, Animoca Brands and Y Combinator saw their numbers tick up in 2022, according to Crunchbase data.

Riding on the wave of a broader market rally, Coinbase stock (COIN) notched a rally of nearly 60% over the past two weeks exceeding more than $84 per share.

Ark Invest CEO Cathie Wood believes Bitcoin's rally amid the recent banking crisis will only “attract more institutions.”

The value proposition of Bitcoin (BTC) is on full display amid the current banking crisis, which will only “attract more institutions” to the BTC market over time, ARK Invest CEO Cathie Wood believes.

Cathie Wood's ARK Fintech Innovation ETF sold $13.5 million worth of Coinbase, the first time it has sold off a large chunk of the company's stock since July.

Stripe secures $6.5 billion in Series I at a $50B valuation; Coinbase likely to launch global crypto trading platform; Euler Finance hacked for over $195M in a flash loan attack; crypto assets to become a separate category in the UK tax forms.