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In a recent tweet, Coinbase CEO Brian Armstrong weighs in amid a sentiment drop on the market, saying this might be the best time to get ahead.
Armstrong was reacting to a tweet by Nick Tomaino, who indicated waning sentiment on the market.
According to Tomaino, $36 billion of crypto VC was raised in 2022, but three years down the line, sentiment is now low.
Explaining the market scenario, Tomaino added that “metals are outperforming coins, teams that raised hundreds of millions are giving up, DeFi and NFTs have underdelivered, nothing new has broken through to mainstream except Polymarket.” He added that he “can’t think of a better time to build and invest if you believe in something.”
The Coinbase CEO agrees with this point of view, saying, “Honestly these are the best times to get ahead.”
Sentiment lulls on crypto market
Fear remains the prevailing sentiment on the market, with the fear and greed index at 37, which is “fear.”
Despite the Fed rate cuts in the past year, this has failed to spark a sustained rally in crypto ever since token prices crashed across the board on Oct. 10.
Amid this drop, a quiet but telling shift is unfolding on the crypto derivatives market. CME Bitcoin futures open interest has fallen below $10 billion from a high of over $21 billion.
One-month annualized yields are hovering around 5%, among the lowest in years, as reported by Bloomberg, which cited Amberdata.
Coinbase news
In a recent announcement, Keeta (KTA) is now available to New York residents on Coinbase and in the Coinbase iOS and Android apps.
A new Coinbase Custom Stablecoin, USDF, has been enabled on Coinbase exchange for operational testing. This refers to a backend test phase with trading, deposits and withdrawals currently unavailable.
Two crypto assets were added to Coinbase’s roadmap, including Tria (TRIA) and Zama (ZAMA). Precious metals, copper and platinum futures are now live on Coinbase Derivatives.
