Chief Executive of the US-based cryptocurrency exchange Coinbase Brian Armstrong in a recent tweet post expressed his surprise by the recent bitcoin crash amid an oil price war.
Surprised we're seeing the Bitcoin price fall in this environment, would have expected the opposite.— Brian Armstrong (@brian_armstrong) March 9, 2020
Previously Armstrong said that blockchain will help increase the crypto community from 50 million users up to 5 billion. Coinbase CEO believes that scalability should grow up to the thousands of TPS mark in order to get mainstream adoption of crypto.
Chart of the USD/BTC trading pair from EXANTE
Meanwhile, BTC/USD is trading at the $7,873 mark (-5,43%).
In general, the whole cryptocurrency market suffered significant losses over the weekend. While the reference cryptocurrency managed to stay around $9,000 last week, it has fallen below the $8,000 psychological barrier over the weekend and is currently trading below this level.
In addition to the oil war, the spread of the coronavirus is substantially affecting both traditional markets and the blockchain and crypto industry as well. Scheduled on March 27 and 28, the Bitcoin 2020 conference was postponed to the Q3 of the year due to the epidemic.