The shares of several U.S.-listed crypto companies experienced substantial declines in their values due to the significant market downturn today, Jan. 23.
Earlier today, Bitcoin’s price retraced more of the gains it made in anticipation of the U.S.-based spot exchange-traded fund (ETF) launches in the U.S. The flagship digital asset dropped below $39,000, marking its lowest value since early December, according to CryptoSlate’s data.
According to Yahoo Finance data, this market movement triggered a 5% decline in crypto exchange Coinbase shares and a 4% dip in business intelligence firm MicroStrategy’s shares during pre-market trading.
JPMorgan analysts downgraded Coinbase’s stock from Neutral to Underweight in response to the crypto market pressure and potential revenue shifts away from Coinbase due to newly launched ETFs.
The analysts explained that the exchange’s stock is valued “on a normalized earnings power at $80/share, suggesting a downside of 35% in its shares.”
D
We współpracy z: https://cryptoslate.com/bearish-bitcoin-leads-to-tumble-in-crypto-stocks-with-coinbase-taking-a-hit/
