Coinbase Global Inc. (COIN) shares were downgraded by analysts at Goldman Sachs after the cryptocurrency price Cryptocurrency declines and impacts the underlying business of the exchange. underscores the challenges posed by the bear market
The reason for the reduction was “Continuous decline in crypto prices,” Goldman analyst William Nance. sayIn a note received from Bloomberg, the analyst said Coinbase “must cut its cost base substantially. to reduce costs as retail trading activities are becoming less.”
Coinbase began trading on the Nasdaq in April 2021, reaching $381 at that price point. COIN has Fully diluted market capitalization is nearly $100 billion. Since November, however, COIN’s share price has been steadily declining, dropping 84% to less than $58 a share, and down 8 percent on Monday, to a market cap below $15,000. million dollars
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