Coinbase has been downgraded from buy to sell by Investment bank Goldman Sachs.
Coinbase shares plunged over 5% in pre-market trading as a result.
Coinbase has suffered several weeks of turbulence as it set a revised price target of $45, down from $70.
Coinbase was trading at $59.36 in pre-market today at the time of writing.
Goldman Sachs expects current cryptocurrency prices and trading volumes to cause “further degradation’ in Coinbase’s revenue base.
Four days earlier, Moody’s downgraded Coinbase’s senior unsecured notes. Moody’s said that Coinbase’s Corporate Family Rating (CFR) had been downgraded from a Ba2 to a Ba3, and it guaranteed senior unsecured notes to Ba2 from Ba1.
Less than two weeks ago, Coinbase laid off 18%, or approximately 1,100, of its staff as the crypto winters dug harder.
