Wednesday, August 24, 2022

‘Anything Could Happen—Coinbase CEO Issues Stark Crypto Market Prediction After Bitcoin And Ethereum Price Collapse

‘Anything Could Happen—Coinbase CEO Issues Stark Crypto Market Prediction After Bitcoin And Ethereum Price Collapse

Bitcoin BTC, Ethereum and cryptocurrency prices came under severe pressure last week as traders braced for a Federal Reserve bombshell.

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Bitcoin's price has fallen by more than 10%, while Ethereum's price is slipping as investors bet that some of the smaller cryptocurrencies could replace Ethereum.

Now, as cryptocurrency traders scramble to keep up with the looming "100-pound gorilla," the CEO of leading cryptocurrency exchange Coinbase COIN has warned that "anything can happen" as the company continues to push the crypto- currency-winter fight. 2 billion dollars and an economic crisis.

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"I can't tell you what the world will be like in a year," Coinbase CEO Brian Armstrong told CNBC, suggesting that cryptocurrency exchange fees will drop, squeezing Coinbase's profits farm. this year. come to power

"I think there's going to be a margin squeeze, eventually it's going to have to happen at some point because whatever we build, you know, others, you're going to eventually build it and it's going to be a little bit more commoditized."

Arguably the largest cryptocurrency exchange in the world for new users, Coinbase has struggled near the top of bitcoin, ethereum and cryptocurrencies since its Nasdaq debut last year. Coinbase's shares fell nearly 80% from their all-time high as trading volume fell along with Bitcoin's price, despite the cryptocurrency hitting $10 trillion earlier this month.

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However, Armstrong, who founded Coinbase in 2012, remains optimistic, saying the company has experienced similar price drops in the past.

"We have a saying that I often repeat that it's never as good as it seems, it's never as bad as it seems," he said. "I think one of the reasons why Coinbase has been so successful over the last 10 years is that we just try not to focus on short-term ups and downs."

Other analysts watching the bitcoin and cryptocurrency markets are finding it hard to remain optimistic, with one analyst pointing to a decline in sentiment.

"With new rises in Treasury yields, weakening sentiment, the prospect of further stock declines and still high correlation between cryptocurrency and the market at large, it's hard to be optimistic," he said. in the email comments.

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