Goldman Sachs downgrades Coinbase stock to ‘sell’
Shares of Coinbase Global Inc. (NASDAQ:) have been downgraded by analysts at Goldman Sachs (NYSE:) after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market.
The reason for the downgrade stems from the “continued downdraft in crypto prices,” Goldman analyst William Nance said in a note that was obtained by Bloomberg. The analyst said Coinbase “will need to make substantial reductions in its cost base in order to stem the resulting cash burn as retail trading activity dries up.”
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