Coinbase Shares Drop as Wells Fargo Warns on High Competition
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Coinbase might face hurdles on the way as competition on the crypto market keeps raising, analysts at Wells Fargo have warned in a recent note, CNBC reports. The financial services company says the current macro pressure has forced it to recommend clients to sell COIN shares.

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Amid reports, COIN plunged by almost 10% down to $60.6. Coinbase's market capitalization declined to $13.6 billion. Wells Fargo set a $57 price target, naming the decline in retail pricing among many factors, which led to the downgrade.

Coinbase Traded Crypto Using Corporate Funds: Report

In August, Coinbase reported a net loss of $1.1 billion in Q2, while it made $1.6 billion in the same period last year. The US-based cryptocurrency exchange said Q2 was a "test of durability for crypto companies" as Coinbase started focusing on its top business priorities only with more "tightly managing expenses."

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