Coinbase CEO Sees Crypto Bull Market Starting Soon Amid Bond Market Shift

Coinbase CEO Brian Armstrong believes that crypto spot trading is on the cusp of its next bull market. He pointed to prior bear cycles lasting around 370-380 days, and noted that the current cycle has reached a similar point.

Armstrong's call comes after a period of thinning volumes and volatile prices in the cryptocurrency market. In July, spot turnover across 14 major exchanges dropped by 21.7% to $429 billion, with every exchange posting a monthly decline.

The mood shifted sharply on August 19 when the Treasury doubled its bond buyback operations, causing yields to drop. This led to a surge in Bitcoin's price, which has gained around 22% since then and reached near $78,700 on Saturday.

Armstrong believes that two catalysts will drive the next bull market: the September 15 Senate vote for the CLARITY Act and the traditionally strong months of October through December under halving cycles. However, analyst Benjamin Cowen still puts a 'decent chance' of one final selloff if prior midterm years repeat.