Coinbase CEO Champions Bitcoin’s Core Value Amid Market Turbulence and Regulatory Skepticism at Davos

As Bitcoin hovers precariously around the $89,800 mark, the cryptocurrency market finds itself at a critical juncture, pressured by a confluence of macroeconomic anxieties, significant ETF outflows nearing half a billion dollars, and concerning technical chart patterns. The immediate future appears to hinge on the pivotal $86,000 support level, a breach of which could severely impact near-term investor sentiment and market trajectory. Against this backdrop of financial tension, a fundamental debate about Bitcoin's very legitimacy unfolded on the global stage at the World Economic Forum in Davos. Coinbase CEO Brian Armstrong emerged as a staunch defender of the original cryptocurrency, engaging in a pointed clash with Banque de France Governor François Villeroy de Galhau. Armstrong's argument centered on Bitcoin's immutable, fixed supply cap of 21 million coins—a programmed scarcity he posits as a foundational hedge against traditional monetary inflation and political interference. He championed Bitcoin's core proposition of financial independence and sovereignty, framing it not merely as a speculative asset but as a transformative, decentralized protocol for value exchange. This defense comes at a crucial moment, as the market grapples with the short-term headwinds of ETF withdrawals, which suggest some institutional profit-taking or risk reduction. The technical damage on charts indicates a battle between bulls and bears, with the $86,000 level serving as the next major line in the sand. The narrative conflict between Armstrong's vision of a decentralized financial future and Villeroy de Galhau's presumably skeptical, traditional regulatory perspective highlights the ongoing ideological rift permeating finance. The outcome of Bitcoin's price test, combined with the resonance of these high-profile debates, will likely shape regulatory discussions and institutional adoption pathways throughout 2026. The current volatility underscores the market's maturation pains as it transitions from a niche digital experiment to a mainstream, albeit contested, financial instrument.

Bitcoin Faces Pivotal $86K Test Amid ETF Outflows and Davos Debate

Bitcoin teeters NEAR $89,800 as macroeconomic fears, ETF withdrawals approaching $500 million, and technical chart damage converge. The cryptocurrency faces a critical test at $86,000—a level that could determine near-term sentiment.

At Davos, Coinbase CEO Brian Armstrong clashed with Banque de France governor François Villeroy de Galhau over Bitcoin's legitimacy. Armstrong emphasized BTC's fixed supply and independence from central banks, comparing it to gold as a hedge against fiscal irresponsibility. The CEO reiterated his $1 million price target by 2030 despite current volatility.

Whale accumulation and the unyielding supply narrative provide long-term bullish counterpoints to short-term headwinds. Market participants now watch whether $86,000 holds as institutional flows and macroeconomic crosscurrents collide.

BitGo Raises $213M in First Crypto IPO of 2026

BitGo, the Palo Alto-based cryptocurrency custodian, has successfully raised $213 million in its initial public offering, pricing shares at $18 each—above its projected range of $15 to $17. The sale of 11.8 million shares values the company at $2.08 billion, marking a significant milestone for the crypto sector in 2026.

The IPO arrives amid turbulent market conditions for digital asset firms in the U.S. Regulatory uncertainty looms as Congress debates a bill that could fragment oversight of cryptocurrencies across multiple agencies. Industry leaders like Coinbase have voiced concerns that the proposed framework may disrupt Core operations.

October's crypto market downturn has further dampened investor sentiment, creating headwinds for companies seeking public listings. All eyes are now on BitGo's trading debut as peers including Grayscale and Kraken prepare potential offerings of their own. Earlier IPOs by Circle and Figure in 2025 capitalized on stronger market conditions, delivering robust first-day gains.

The sector had previously benefited from favorable policies under the Trump administration, including the GENIUS Act's stablecoin provisions. bitcoin soared to record highs during this period, though the current regulatory climate presents new challenges.

Coinbase Users Report Missing Balances Amid Third-Party Glitch

Coinbase acknowledged a technical issue affecting some users' balance displays and asset price quotes on its Base network. The crypto exchange confirmed via social media that funds remained secure despite the glitch, which it attributed to a third-party problem.

During the investigation, Coinbase identified latency issues with CAD deposits via mobile app EFT transfers. The platform noted intermittent access limitations in regions like the Philippines, though users could circumvent these through alternative networks.

This incident follows recurring service disruptions on the exchange, including February's Base network outage that temporarily froze transactions. Coinbase maintains its standard protocol of pausing affected services during such events to prevent erroneous transactions.