New York (CNN Business)The prices of bitcoin and other top cryptocurrencies have been more than cut in half this year. Now the great crypto crash of 2022 is crushing leading digital asset brokerage firms Coinbase and Robinhood too.
Shares of Coinbase have lost nearly three-quarters of their value in 2022, and fell more than 10% Monday after Goldman Sachs analyst Will Nance slashed his rating on the company to a rare "sell."
Nance attributed the downgrade to "the continued downdraft in crypto prices and the resulting fall in industry activity levels." He added that recent layoffs at the company may not mark the end of pink slips either.
"We believe further cuts are needed, as the announced cost reduction effort merely brings headcount back to end-1Q22 levels," Nance wrote, adding that Coinbase "will need to make substantial reductions in its cost base in order to stem the resulting cash burn as retail trading activity dries up."
Nance estimates that Coinbase's revenues will plunge...
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