“We think Coinbase likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX,” Bank of America analyst Jason Kupferberg wrote.
Bank of America analyst Jason Kupferberg feels “confident” that Coinbase Global Inc. is not “another FTX.”
“We think Coinbase COIN, -7.24% likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX,” Kupferberg wrote Friday as he downgraded Coinbase’s stock to neutral from buy. He sees an “even more uncertain” outlook for Coinbase going forward.Read: A meltdown in crypto is taking shape and it’s not just FTX’s fault
“In the wake of the FTX news, transaction volumes spiked, but we expect this to be fleeting as some users sell their assets to leave crypto entirely and others move their crypto assets off exchange and into cold storage,” Kupferberg continued.
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