Coinbase CEO Brian Armstrong Defends Bitcoin as the Price Crashes
Bitcoin (CRYPTO: BTC) and most altcoins like Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA), and Ripple (CRYPTO: XRP) prices have crashed, erasing over $2 trillion dollars in value in the past two years.
The crypto market crash intensified this week, with Bitcoin moving slightly below the key support of $60,000. Ethereum dropped to $1,500, while XRP is approaching the important support level at $1.0.
Brian Armstrong Defends Bitcoin and Crypto
Brian Armstrong, the CEO of Coinbase (NASDAQ:COIN) is defending Bitcoin. In an X post, he noted that the crypto industry was thriving despite the ongoing crypto market crash. He pointed to the ongoing boom in the derivatives, stablecoins, and prediction markets.
For example, data compiled by DeFi Llama shows that perpetual exchange networks like Hyperliquid and Aster handled over $2.37 trillion in the first quarter and $1.37 trillion this one.
More data shows that the volume in the prediction markets surged to $34.7 billion in Q1, and has jumped to $24.6 billion in the current one. This growth will accelerate in the …
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