Home Markets “Anything Can Happen” – Coinbase CEO Issues Crypto Market Forecast After Bitcoin and Ethereum Price Collapse

“Anything Can Happen” – Coinbase CEO Issues Crypto Market Forecast After Bitcoin and Ethereum Price Collapse

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“Anything Can Happen” – Coinbase CEO Issues Crypto Market Forecast After Bitcoin and Ethereum Price Collapse

Bitcoin
BTC
ethereum and cryptocurrency prices have come under heavy pressure over the past week as traders brace for Federal Reserve bomb.

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Bitcoin Price Lost Over 10% While Ethereum Price Fares Even Worse—partly because investors are betting that some smaller cryptocurrencies could supplant Ethereum.

Now, as crypto traders scramble to get ahead of an impending “hundred-pound gorilla” the CEO of leading crypto exchange Coinbase
PIECE OF MONEY
warned ‘anything could happen’ as the company grappling with a $2 trillion crypto winter and an economic downturn.

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“I can’t tell you what the world will look like in a year,” said Coinbase CEO Brian Armstrong. CNBCwarning that crypto exchange fees will drop, putting pressure on Coinbase’s results as an exchange rate war which began earlier this year is accelerating.

“I think there’s going to be some margin compression, eventually it has to happen at some point because whatever we build, you know, others, eventually you’re going to build it and it will become a bit more commoditized. “

Coinbase, perhaps the world’s largest crypto on-ramp for new users, has struggled since debuting on the Nasdaq last year near the peak of rising bitcoin, ethereum and of cryptography. Coinbase shares are down around 80% from their all-time high as trading volumes fall with the price of bitcoin despite the signing a potentially massive $10 trillion crypto game-changer earlier this month.

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However, Armstrong, who founded Coinbase in 2012, remains bullish, saying the company has weathered similar price declines in the past.

“We have this saying internally, I like to repeat a lot, which is, it’s never as good as it looks, it’s never as bad as it looks,” said he declared. “I think one of the reasons Coinbase has been so successful over the past 10 years is that we just try not to focus on short-term ups and downs.”

Other bitcoin and crypto market watchers, however, are struggling to remain optimistic, with one analyst pointing to a collapse in sentiment.

“With treasury yields rising again, sentiment deteriorating, prospects for further equity declines, and a still-high correlation between crypto and the general market, it’s hard to be optimistic,” he said. Rafal Tworkowski, market analyst at currency trading platform Conotoxia, in emailed comments.

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