Wells Fargo, a multinational financial services company has flagged a major concern against Coinbase, which can lead to a dip in the Crypto exchange share prices.
Coinbase prices to drop?
According to CNBC, Wells Fargo initiates Coinbase with an underweight. The firm has cited increasing macroeconomic pressures as the possible negative catalysts. COINBASE is currently trading at $65.29. It is down by 3% in premarket trading.
Wells Fargo stated that they believe in the value of the crypto exchange. However, the firm sees the early mover advantage but now that has been eroded due to competition.
Meanwhile, Coinbase share prices have dropped by more than 73% over the year to date basis.
