Coinbase CEO Sees Next Crypto Bull Market Looming
Coinbase CEO Brian Armstrong believes that crypto is on the cusp of its next bull market, citing prior bear cycles that each lasted roughly 370 to 380 days. He made this statement after President Donald Trump hosted crypto executives and regulators at the White House. Bitcoin has climbed above $78,000.
The spot volume across 14 exchanges fell 21.7% in July to $429 billion from $547.9 billion in June. Binance led with $196.5 billion, or 45.8% of the total. Coinbase recorded a 26.4% drop, the second steepest after Bitfinex at 59.7%. Derivatives cooled too, falling 11.1% to $3.03 trillion.
The Fear and Greed Index was sitting at 29 on August 13 but reached 71 by press time. President Trump suggested that a sizable government purchase of Bitcoin has been discussed, which may have contributed to the recent price increase. Armstrong pointed to two catalysts: the September 15 Senate vote for the CLARITY Act and the traditionally strong months of October through December.