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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.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 21, 2026 · How we report
Coinbase One members can pledge their Bitcoin holdings as collateral for a home mortgage through Better Mortgage, which allows borrowers to secure financing without selling their digital assets. As of August 26, 2026, this service is available to eligible members and is designed to adhere to Fannie Mae standards.
Coinbase reported a net loss of $359.5 million and a net revenue of $1.22 billion for the quarter ending July 30, 2026. This revenue figure represented an 18.5% decrease compared to the same period in the prior year.
Coinbase One members are eligible for a rebate equal to 1% of the mortgage value, up to a maximum of $10,000, when utilizing the Bitcoin-backed mortgage service offered in partnership with Better Mortgage.
Coinbase stock is subject to risks stemming from the deeply cyclical nature of cryptocurrency markets, which can lead to periods of low prices and depressed trading volumes. As of September 4, 2026, analysts have noted that persistent weakness in these markets can place significant pressure on the profitability of Coinbase.