Daily #MainStreet #CryptoNews #29
Publishing Date
November 23, 2022

El Salvador Tables Bill For Bitcoin Bonds Project

The Bitcoin bonds project, also known as Volcano bonds, was an idea initially introduced by the Bukele government back in 2021. The plan was to use the bonds to raise around $1 billion with which to build a Bitcoin city at the foot of the Colchagua volcano. The hydrothermal energy that is emitted by the volcano would be tapped and used to supply a crypto mining farm.

After some delays a 33-page bill has now been submitted by Maria Luisa Hayem Brevé, the Minister of the Economy. The bill will establish a National Digital Assets Commission that will oversee the regulation of all parties involved as well as the public offering process.

According to an article on Coin Telegraph, the bill could in fact be approved before Christmas.

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New York Signs Moratorium On Cryptocurrency Mining

New York Governor Kathy Hochul signed a law on Tuesday a two-year moratorium on proof-of-work (PoW) cryptocurrency mining operations. The law states that for the next two years unless a PoW mining operation uses 100% renewable energy, it will not be allowed to renew or expand permits and will not allow any new entrants to come online. According to reports by Decrypt, a memo for the bill reads:

The law will prohibit Environmental Conservation Law permits from being issued for two years to proof-of-work cryptocurrency mining operations that are operated through electric generating facilities that use carbon-based fuel.

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Cathie Wood Buys The Dip

Prominent investor Cathie Wood is not running scared by the recent market turmoil. With the FTX contagion spreading, many investors and firms are considering pulling out of their crypto positions. As a result, stocks have suffered significantly. For example, Coinbase shares have plummeted to an all-time low after dropping roughly 20% in just the last week. When the exchange went public in April 2021, the price of each share was $430. Last Monday, it closed out the trading session at a mere $41.23. Analysts from Bank of America and Daiwa Securities downgraded Coinbase stock this month, and the company now has its fewest 'buy' recommendations in over a year.

However, for ARK Invest CEO Cathie Wood, the dropping stock values have presented a unique investment opportunity. In the month of November, Wood’s company bought over 1.3 million shares in Coinbase. The total value of these shares is around $53 million. As of now, ARK Invest holds 8.4 million shares, which is around 4.7% of Coinbase’s total outstanding shares. The company holds most of its Coinbase shares in its flagship fund, ARK Innovation ETF.

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