Bitcoin Surges Above $75,000 as Coinbase CEO Sees Next Bull Market
Coinbase CEO Brian Armstrong believes that Bitcoin has reached an inflection point and is now at the start of its next bull market. The cryptocurrency broke above $75,000 on August 20, gaining over 11% in 24 hours.
Armstrong cited three main reasons for his optimism: the length of the current downturn, which he believes indicates that a new cycle has begun; an upcoming Senate vote on crypto legislation, known as the CLARITY Act, scheduled for September 15; and Bitcoin's historically strong performance in the final months of the year.
The CLARITY Act is designed to provide clarity around digital assets and has already cleared several hurdles. The House approved its version in July 2025 with a 294-134 vote, while the Senate Banking Committee advanced their portion in May 2026 with a 15-9 vote. Armstrong expressed confidence that the bill will pass, saying both sides have around 90% of what they want.
Bitcoin's price surge was also driven by strong demand for US spot Bitcoin ETFs, which pulled in $517 million on August 19, their best day since May. This influx of capital helped to fuel the rally and pushed Bitcoin above its resistance zone between $65,000 and $67,000.