The bank downgraded the exchange from neutral to underweight.
JPMorgan predicts that interest in Bitcoin ETFs will continue to wane.
In a research report released on Monday, JPMorgan downgraded U.S. exchange Coinbase (COIN) to underweight and warned that the debut of spot bitcoin ETFs, the primary driver of bullish sentiment in the cryptocurrency markets last year, might disappoint investors in 2024.
Analysts led by Kenneth Worthington mentioned:
“While we continue to see Coinbase as the dominant U.S. exchange in the crypto ecosystem and a leader in cryptocurrency trading and investing globally, we think the catalyst in bitcoin ETFs that pushed the ecosystem out of its winter will disappoint market participants.”
Tough Year Predicted
With a price objective of $80 remaining constant, the bank downgraded the exchange from neutral to underweight. At the time of writing, Coinbase shares dropped 3.91% to $123.20 as per MarketWatch. Despite the exchange’s accomplishment in many signi
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