PANews reported on June 6th that, regarding BTC briefly falling below $60,000, Coinbase CEO Brian Armstrong stated on the X platform, "Many people still believe (or feel) that a drop in Bitcoin means a drop in cryptocurrencies. However, derivatives/perpetual contracts, stablecoins, prediction markets, etc., are all rising. Cryptocurrencies involve all areas of finance and now have a broader reach than Bitcoin. It will take some time for people to truly understand this. Of course, Bitcoin will perform well in the future and will remain important as always; this is just one of many cycles we are experiencing."