Shares of the cryptocurrency exchange fell by 10%.
Auctions Coinbase Global Inc. experienced a record low as investor apprehension about the potential consequences of rival exchange FTX’s solvency increased.
Bitcoin hit a seasonal low.
There are 14 buy, 12 hold, and 6 sell ratings for Coinbase. Coinbase was downgraded by Bank of America last week from Buy to Neutral.
Coinbase is not just another FTX, according to analyst Jason Kupferberg, but that doesn’t shield it from broader effects on the crypto ecosystem.
Since the start of this month, Kathy Wood Funds have acquired over 1.3 million Coinbase shares.
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