The price of Bitcoin fell below $17,000 per bitcoin, down more than 70% from last year’s high of almost $70,000 (Elon Musk isn’t too concerned).Meanwhile, Ethereum Price Suffers Similar Selloff Despite Wall Street giant JPMorgan making a surprising bet on decentralized finance (DeFi).
Brian Armstrong, currently the CEO of Coinbase, the largest Bitcoin, Ethereum and cryptocurrency exchange in the United States, said:
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Armstrong said he is “as bullish on cryptocurrencies as ever” after major Bitcoin, Ethereum and cryptocurrency exchange FTX crashed this month. Said of financial timesadded that Coinbase now appears to be “undervalued” after the stock crashed from the Nasdaq list price in the spring of 2021.
“I am very happy [went public]“We are happy to help the market better understand the crypto cycle,” Armstrong said. [that] We want to pave the way and legitimize the entire industry. I don’t mind being misunderstood or questioned for a few years. We are playing this long term. ”
Meanwhile, Armstrong expects the long-awaited regulation of bitcoin and cryptocurrencies, currently being debated by lawmakers in the US and around the world, to entrench “biggest companies” such as Coinbase.
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The FTX meltdown, which forced the exchange to declare bankruptcy following a surge in withdrawals, has already put crypto markets in the spotlight following a massive bull market in 2021 and a crash in 2022. It is hoped that it will provoke the authorities.
“It would be natural to assume that there will be a shift in market structure in favor of decentralized platforms,” said Serhii Zhdanov, CEO of crypto exchange EXMO, in an emailed comment. Stated. “Nevertheless, the FTX story could be a reason for regulators to tighten their requirements on cryptocurrency companies and, conversely, to strengthen centralization to ensure full control from governments. will lead to