Coinbase CEO Declares Bitcoin Bottom, Cites 700% Stablecoin Payment Surge
COIN sits 25% above its 52-week low of $139.11 on light trading volume (0.1× avg).
Summary
CEO Brian Armstrong publicly called the bottom of the current Bitcoin cycle, stating he doesn't expect another downturn until the next halving in about two years. Bitcoin is trading at $78,000, up nearly 25% since late August, after falling from $126,000 to $58,000 during the crypto winter. Armstrong also highlighted a 700% year-over-year increase in stablecoin payments at Coinbase and projected the stablecoin market to reach $3 trillion by 2030. This follows a difficult Q2 where Coinbase posted a $359.5 million loss and announced 700 layoffs. The CEO's bullish stance and the recovery in crypto prices could improve sentiment toward COIN, which has declined 45% over the past year.
At the time of this announcement, COIN was trading at $173.26 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $45.7B. The 52-week trading range was $139.11 to $402.16. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: CryptoProwl.