CDS Crypto News Coinbase Downgraded as Bitcoin Price Falls
Crypto News

Coinbase Downgraded as Bitcoin Price Falls

Coinbase downgraded by JPMorgan analyst.

Coinbase Downgraded as Bitcoin Price Falls

Crypto News – The anticipation of the impending introduction of spot bitcoin ETFs contributed to a notable rise in the value of Coinbase Global Inc.’s shares last year.

Coinbase Downgraded as Bitcoin Price Falls

Analyst Kenneth Worthington of JPMorgan is nevertheless worried that this optimistic outlook could suddenly turn pessimistic. Indeed, there have been speculative claims that the newly announced ETFs’ potential for large returns in the cryptocurrency space is a dream come true.

COIN was formerly rated as “neutral” by JPMorgan, but the company projected a price objective of $80 by December 2024. The investment bank speculates that the industry may be significantly impacted by the listing of several spot Bitcoin ETFs, which might cause an overvaluation and damage stock prices.

Worthington Draws Attention to the Low Bitcoin Price

JPMorgan analysts reduced Coinbase’s stock from a “neutral” to an “underweight” rating, noting the emergence of spot Bitcoin ETFs and the falling price of Bitcoin. According to Worthington, market players will probably be disappointed by the expected impact of spot Bitcoin ETFs, which were seen as a catalyst for revitalizing the Bitcoin ecosystem.

He lowered Coinbase’s shares (COIN) from neutral to underweight in the most recent evaluation, citing his concern that interest in cryptocurrency ETFs may continue to wane. Thus, platforms such as Coinbase may see a decline in auxiliary revenue prospects, a drop in trading volume, and a decrease in token pricing.

Coinbase Downgraded as Bitcoin Price Falls
Written by

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Coinbase down Faces Technical Difficulties as Bitcoin Hits 63K Dollars, Leading to Platform Disruption

The outage caused unbridled speculation over the cause on social media, with...

Bitcoin and Ethereum Lead Rally as Crypto Market Cap Surges by 5.09% in 24 Hours

On Wednesday, Bitcoin surged to $64,000, while Ethereum climbed above $3,400.

Jeff Bezos is rumored to have divested 8.5 billion Dollars from Amazon stock in favor of Bitcoin

Jeff Bezos' recent $8.5 billion sale of Amazon stock has sparked speculation...

Behind the Scenes of the $63K BTC Rally

There are many theories about the reasons behind the $63K BTC rally.