Loading article…
Bitcoin hovered around $60,000, a potential floor cited by Coinbase’s Brian Armstrong, while Morningstar warns Coinbase could turn unprofitable if crypto
Bitcoin rebounded to $66,254, up nearly 3% in 24 hours, after dipping to $59,743 on June 5 – the lowest level since October 2024 – and Coinbase CEO Brian Armstrong said his “instinct” is that the market has likely found a floor around $60,000【1】. The move matters because a sustained floor could lift Coinbase’s revenue outlook, which Morningstar says hinges on a broader crypto price recovery【2】.
| At a glance | |
|---|---|
| Price | $66,254 |
| 24‑h change | +2.9 % |
| Key level | $60,000 (potential bottom) |
| Catalyst | Bitcoin’s bounce after a dip to $59,743, coinciding with a US‑Iran Strait of Hormuz deal【1】 |
The price lift followed a geopolitical development that eased tension in the Strait of Hormuz, prompting a 2‑3 % rally in Bitcoin on June 15. Armstrong linked the price action to Bitcoin’s four‑year halving cycle, noting that past cycles have alternated between bull and bear phases and that the current level sits roughly 50 % below the October 2025 all‑time high of $126,000【1】. On‑chain data from CryptoQuant shows Bitcoin trading near its realized price of about $53,600, but still in a “deeply negative” demand environment with volatile ETF flows, suggesting the floor may not yet translate into a durable recovery【1】.
Armstrong reiterated his long position in Bitcoin and expressed confidence that the token will be “significantly higher by 2030,” but cautioned that “nobody can say for sure” about the bottom【1】. Morningstar’s latest analysis warns that without a broader crypto price rebound, Coinbase could become unprofitable in 2026, prompting a reduction in its fair‑value estimate【2】. The firm’s concern underscores the link between Bitcoin’s price stability and Coinbase’s earnings trajectory.
The key question remains whether the $60,000 level will prove a durable floor or merely a temporary trough. A confirmed bounce could buoy Coinbase’s revenue outlook, while continued weakness would reinforce Morningstar’s profitability concerns.
Coverage is mostly measured — 126 of 137 reports stay neutral.
Every Monday — the token unlocks, Fed dates & catalysts set to move crypto and markets this week. So you’re never blindsided.
Free · 3-min read · one-click unsubscribe
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 21, 2026 · How we report
A leading investment firm believes the cryptocurrency market may be approaching a bottom, which could boost activity and potentially aid Coinbase's recovery.
The company is employing cheaper Chinese language models, routing prompts to appropriate models, using caching, keeping contexts lean, and increasing spend visibility to reduce AI costs.
Coinbase's stock has fallen about 32% year‑to‑date amid a broader crypto market downturn.
Coinbase laid off approximately 14% of its staff in recent layoffs, citing AI-driven efficiency improvements.
Ethereum price predictions show low confidence in reaching major milestones, with odds below 5% for significant price increases by the end of 2026.