Running an exchange is now tougher than dealing with crypto prices.
Yesterday, Morgan Stanley downgraded Coinbase from “Equal-weight” to “Underweight” and slashed its price target from $258 to $120, a 53% cut. The reason is straightforward: trading volumes aren’t picking up.
• Coinbase’s third-quarter revenue was $1.22 billion, down 35% year over year
• Trading revenue was $590 million, down 44% year over year
• Cryptocurrency trading volume fell 10% during the quarter, with volatility at a multi-year low
• Morgan Stanley cut its 2027 revenue forecast by 28%
Interestingly, crypto prices haven’t crashed during this period, but trading activity is sluggish, putting platforms that rely on transaction fees under pressure first. Add the aftereffects of the Binance incident, and trading interest in $BTC and $ETH may take a while to recover. For everyday users, this is also a reminder: platform security and compliance matter more than referral bonuses.
#交易所 #Coinbase
For informational purposes only; this is not investment advice.
Yesterday, Morgan Stanley downgraded Coinbase from “Equal-weight” to “Underweight” and slashed its price target from $258 to $120, a 53% cut. The reason is straightforward: trading volumes aren’t picking up.
• Coinbase’s third-quarter revenue was $1.22 billion, down 35% year over year
• Trading revenue was $590 million, down 44% year over year
• Cryptocurrency trading volume fell 10% during the quarter, with volatility at a multi-year low
• Morgan Stanley cut its 2027 revenue forecast by 28%
Interestingly, crypto prices haven’t crashed during this period, but trading activity is sluggish, putting platforms that rely on transaction fees under pressure first. Add the aftereffects of the Binance incident, and trading interest in $BTC and $ETH may take a while to recover. For everyday users, this is also a reminder: platform security and compliance matter more than referral bonuses.
#交易所 #Coinbase
For informational purposes only; this is not investment advice.