“The fall in the crypto market will affect the share price.” JP morgan

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25 Septmber 2022

The North American stock team at JPMorgan is lowering its $78 to $60 price target for Coinbase Global shares in December.

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Most of the cryptocurrency exchange's income comes from US crypto trading levels,

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As a result, its third and fourth quarter earnings are dependent on interest in cryptocurrency trading.

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According to JP Morgan analysts, the downturn in the cryptocurrency market will put pressure on the share price by reducing Coinbase's revenue

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Coinbase Global's (COIN) stock price dropped from a high of $72 on Wednesday to $62 on Friday.

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The stock, which is still hovering above its June low, has dropped 11% over the last five days and is down 75% for the year.

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According to analysts, Coinbase expects less trading activity from US retail cryptocurrency investors through December.

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with the expectation that business will perk up at the start of the upcoming calendar year's first quarter.

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Coinbase's current volume, which is $48 billion, has dropped 15% over the past month, according to cryptocurrency volume indexer Nomix.

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Only 50% of the trade volume Coinbase saw at the beginning of the year is represented by this number.

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