Analyst predicts Coinbase stock could fall to $60.

  • Piper Sandler downgraded Coinbase Global Inc on Wednesday.
  • Analyst Patrick Moley cited regulatory uncertainty for dovish view.
  • Coinbase stock has gained close to 60% over the past thirty days.

Coinbase Global Inc has been an absolute delight for shareholders over the past thirty days but a sharp downturn is likely moving forward, as per a Piper Sandler analyst.

Avoid Coinbase stock due to regulatory uncertainty

On Wednesday, Patrick Moley downgraded the crypto exchange to “neutral” and lowered his price target as well to $60 that signals a 25% downside from here.

The analyst turned dovish primarily because the U.S. Securities and Exchange Commission sued the Nasdaq-listed firm last month for operating as an unregistered exchange (read more).

In a research note today, he attributed the recent surge in Coinbase stock to prominent asset managers filing for a Spot Bitcoin ETF and the consequent benefit to crypto prices but said:

Rising crypto prices have not translated to increased trading volumes for COIN in recent quarters and the timing of a Spot Bitcoin ETF approval is anyone’s guess.

Coinbase Global will report a weak second quarter

Moley expects the crypto company to report monthly transacting users and trading volumes at a two-year low in its second financial quarter.

The Piper Sandler analyst agreed that Coinbase Global will eventually emerge as a major player within the crypto space but said:

We’d like to see more progress on regulatory front and a convincing turnaround in underlying fundamentals of the business before becoming more positive on Coinbase stock.

Despite the regulatory crackdown, though, Coinbase increased its market share last month to a new high since January 2023, as per data from Kaiko – a digital assets data provider.

Coinbase Global Incは過去30日間、株主にとって絶対的な歓喜でしたが、Piper Sandlerのアナリストによれば、将来的には急激な下降が予想されます。

規制上の不確実性により、Coinbaseの株を避けましょう

Patrick Moley氏は、水曜日にこの仮想通貨取引所を「ニュートラル」と評価し、ここから25%の下落を示す価格目標も$60に引き下げました。

このアナリストは、先月、米国証券取引委員会がナスダックに上場している同社を未登録の取引所として訴えたため、慎重な姿勢に転じたと述べました(続きを読む)。

彼は今日のリサーチノートで、Coinbase株の最近の急騰を、有名な資産管理会社がスポットビットコインETFの申請を行い、それによる仮想通貨価格の利益に帰因すると述べましたが、以下のように述べました。

過去数四半期におけるCOINの取引高は上昇しておらず、スポットビットコインETFの承認のタイミングは誰にもわからない。

Coinbase Globalは2Qの業績が低調に推移する見通し

Moley氏は、同社が2Qの月次取引ユーザー数と取引高が2年ぶりの低水準を報告すると予想しています。

Piper Sandlerのアナリストは、Coinbase Globalが将来的には仮想通貨市場で主要なプレーヤーとなると同意していますが、以下のように述べました。

私たちは、規制面でのさらなる進展と、ビジネスの基本的なファンダメンタルの説得力ある回復を見るまで、Coinbase株に対してもっと前向きな見方をする前に、もう少し進展を見たいと思っています。

ただし、規制強化にもかかわらず、Coinbaseは1月2023年以来の最高水準まで先月のシェアを拡大しました。これは、デジタルアセットデータプロバイダであるKaikoのデータによるものです。

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Altcoins lead gains while Deutsche Bank explores tokenization.

Exciting Price Movements in the Crypto Market on Sept. 15, 2023!

Bitcoin

Ethereum Beats Bitcoin as Institutional Investors Rush to Invest in ETH

Recent reports have shown a growing interest among institutional investors in Ethereum, indicating a strong preferenc...

Bitcoin

Bitcoin Whales Strategic Accumulation Sparks Interest Despite Market Downturn

In just one month of the year 2024, Bitcoin has already seen a significant amount of exciting developments. These inc...

Bitcoin

Bitcoin price could surge due to MicroStrategy's $700M investment and rumors of an ETF launch. Should you buy when the price is above $64,850?

MicroStrategy's impressive $700 million investment and Arizona's proposal for a Bitcoin exchange-traded fund have spa...

Policy

Bitcoin ETF approval would be significant.

Tune in to Market Talks with Cointelegraph to watch Natalie Brunell and Ray Salmond discuss why the approval of a Bit...

Policy

Saxo Bank ordered to delete cryptocurrency holdings by Denmark.

The Danish Financial Supervisory Authority has officially instructed Saxo Bank, a local investment bank, to sell off ...