Coinbase stock fell almost 8% amid a less than bullish rating from Wells Fargo and harsh comments from famed short-seller Jim Chanos.
Several other Bitcoin-adjacent public companies, including MicroStrategy and Block Inc., saw the price of their stock too.
Block’s shares (SQ) fell 5.37% on Thursday, changing hands at $55.90 at the end of the trading session Thursday, down from $164 at the start of the year.
MicroStrategy (MSTR), which traded above $550 in January, closed down 3.92% at $211.82, rising again to $214 on Friday morning.
At today's open, COIN immediately dropped from $64.65 to $60.76. The stock has since recovered some and is now trading at roughly $62.
Wells Fargo said that the San Francisco-based company faces increased competition from the likes of FTX and Binance, per a CNBC report.
In a research note, Wells Fargo analyst Jeff Cantwell said the downward pressure on Coinbase in the current bear market is inevitable and that the firm would sell its COIN holdings at a...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...