Coinbase UK CEO: Crypto Downturn Reflects Macro Jitters, Not Lost Confidence
Coinbase UK CEO Keith Grose stated that the recent downturn in the cryptocurrency market reflects broader macroeconomic jitters, including AI bubble fears and a risk-off mood, rather than a loss of conviction in crypto assets. Adoption trends remain intact, and the current period is seen as a recalibration.
Bitcoin is currently trading around $91,535, about 1% lower over 24 hours. The price continues a multi-week decline, remaining below the $100,000 level.
Bitwise CIO Matt Hougan emphasized that Bitcoin's long-term value is tied to the service it provides, not the recent price movements, describing the downturn as short-term noise.
Coinbase UK's expansion in the UK is focusing on regulated products that perform across market cycles, including a newly launched GBP savings product designed to help customers grow cash amid uncertainty.
The downturn coincides with a broad sell-off in high-growth tech stocks amid concerns about AI-driven valuations spilling into crypto markets. The overlap between Bitcoin’s investor base and AI and tech stocks means concerns over inflated valuations are leading to synchronized outflows across these assets.
Technically, Bitcoin is trading below the 50-week moving average and has entered the weekly Ichimoku Cloud for the first time since early 2023. Key price levels to watch are approximately $93,050, $85,435, and $80,560.
An October 10 flash crash, when Bitcoin fell from $122,500 to $104,600, has been linked to renewed US–China tensions. Long-term holders and institutions are exiting positions as leveraged trades unwind, adding selling pressure.
Uncertainty around the Federal Reserve's December decisions and a government shutdown delaying key data releases continue to keep risk sentiment fragile, potentially sustaining volatility in the near term.
