Bitcoin could be at the start of its next bull cycle: Coinbase CEO

Coinbase CEO Brian Armstrong has said Bitcoin could be entering its next bull cycle as the asset trades above $72,000 ahead of a key U.S. Senate vote on crypto legislation. Summary Bitcoin has climbed above $72,000 after gaining more than 11% within 24 hours. Armstrong identified the September CLARITY Act vote as the market’s next major policy event. The Sep. 15 Senate action is a procedural vote, not a final decision on the bill. US spot Bitcoin ETFs attracted $517 million on Aug. 19, according to SoSoValue. Armstrong sees a possible Bitcoin bull cycle In an Aug. 20 interview with CNBC, Armstrong said the crypto market “is likely at the starting point of the next bull market.” Armstrong based his view partly on the length of the recent downturn and Bitcoin’s position in its market cycle. He also identified the Senate’s scheduled action on the Digital Asset Market Clarity Act and Bitcoin’s historical performance during the final three months of the year as possible catalysts. While discussing the coming congressional vote, Armstrong described Sep. 15 as “what’s most important next” for the crypto industry. Passage of market-structure legislation could give digital asset companies c...