Analysts at Bank of America downgraded shares of Coinbase (COIN) on Friday as the fallout from FTX’s stunning implosion continues to ripple through crypto markets.
Shares of Coinbase were down as much as 5.5% in early trading on Friday.
“We think Coinbase (COIN) likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX,” analysts led by Jason Kupferberg wrote in a note to clients.
They added: “As a result, we downgrade COIN to…
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