In a surprising turn of events, Coinbase’s rating was downgraded by JP Morgan on Tuesday. Concerns over the fading hype of Bitcoin ETFs have made analyst sentiment bleak, making them warn about Coinbase’s outlook. The rating downgrade also comes at a time when crypto markets have been rangebound
JP Morgan downgrades Coinbase’s rating
American multinational financial firm JP Morgan on Tuesday downgraded Coinbase’s rating. The largest crypto exchange saw its rating go to “underweight” from a previous rating of “neutral”. This rating cut by analysts is the first for Coinbase and not a good sign.
Shares of the company fell nearly 4% after the rating cut was announced.
Fading Bitcoin ETF hype hurts Coinbase’s outlook
According to Bloomberg reports, JP Morgan in a statement released on Monday expressed concerns over Coinbase’s stock coming under pressure this year as Bitcoin’s rally fades. A led by Kenneth Worthington added in the report that the catalyst in Bitcoin ETF
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