Coinbase CEO says trader psychology, not fundamentals, driving BTC drop

Coinbase CEO Brian Armstrong said the recent drop in BTC's price is due to trader psychology rather than any fundamental issues with the asset. Speaking at the World Liberty Forum, he explained that the current decline is not caused by underlying problems like a change in the U.S. Fed Chair or the threat of quantum computing, but rather by investors taking profits and crowd psychology. Armstrong described the downturn as a temporary phenomenon, noting that BTC has been the best-performing asset over the last 10 years. He added that Coinbase is continuing to buy back its own stock and purchase additional BTC.