Massive Bitcoin Price (BTC) Crash Takes Coinbase CEO by Surprise

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Mon, 03/09/2020 - 19:46
Alex Dovbnya
The 16 percent Bitcoin (BTC) price drop was surprising even for Brian Armstrong, the CEO of America's biggest cryptocurrency exchange
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In case you feel baffled by Bitcoin's recent fall from grace, you are most definitely not alone.

Coinbase CEO Brian Armstrong has just taken to Twitter to reveal that BTC did the opposite of what he expected during the global market turmoil. 

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Did he mean crypto? 

It is a rather rare occasion when the CEO of the biggest exchange in the U.S. comments about the price of Bitcoin. However, some prominent members of the cryptocurrency community, including Blockstream CEO Adam Back, were not thrilled by his take given that he only singled out only the big orange coin. 

While it's clear that Bitcoin calls the tune in the cryptocurrency market (it is responsible for 64 percent of its total market capitalization), Armstrong's tweet was perceived as an attempt to depict BTC in a bad light.

Last week, Armstrong faced some backlash after suggesting that another digital coin might push crypto into the mainstream

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Bitcoin failing as a hedge asset

Prior to Armstrong, trading vet John Bollinger tweeted that he couldn't predict the recent Bitcoin price crash. Instead, he expected Bitcoin to act as a safe-haven asset. 

Economist Nouriel Roubini believes that BTC cannot act as a risk-off asset because it plunged harder than equities. 

Meanwhile, Bloomberg's analyst Joe Weisenthal has reiterated his point that investors are tempted to liquidate everything in order to get more cash. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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