Armstrong Predicts Crypto Bull Run as Bitcoin Tops $78,000 After Treasury Buyback Shift
Updated
Updated · Yahoo Finance · Aug 22
Armstrong Predicts Crypto Bull Run as Bitcoin Tops $78,000 After Treasury Buyback Shift
3 articles · Updated · Yahoo Finance · Aug 22
Summary
Bitcoin climbed about 22% since Aug. 19 to trade near $78,700, prompting Coinbase CEO Brian Armstrong to say spot crypto is nearing its next bull market.
Armstrong tied the call to a Treasury plan to double bond buybacks to at least $4 billion each and to Trump's remarks that a sizable U.S. government Bitcoin purchase had been discussed; Treasury yields fell after the buyback news.
The rebound follows months of weak trading: July spot volume across 14 major exchanges dropped 21.7% to $429.0 billion, while derivatives volume fell 11.1% to $3.03 trillion.
Sentiment has reversed with prices, with the Fear and Greed Index rising to 71 from 29 on Aug. 13, even as leverage stayed elevated with the futures-to-spot ratio at 7.06x.
Armstrong said prior crypto bear phases lasted roughly 370 to 380 days and pointed to a Sept. 15 Senate vote on the CLARITY Act and seasonally strong October-December trading, though one analyst still sees a risk of a final selloff.