Coinbase Stock Plummets Following Price Target Cut and Market Volatility

Coinbase’s stock price fell sharply after BofA Securities downgraded its price target for the company, citing increasing competition in the cryptocurrency market and potential pressure on fees. The analysts’ move follows Coinbase’s recent strong earnings report, driven by a favorable crypto landscape and increased on-chain activity. However, concerns about sustained momentum were raised, with analysts highlighting the possibility of lower fees impacting short-term profitability as competition intensifies.