Cryptocurrency exchange Coinbase is still at risk due to legal uncertainties despite its lobbying efforts in the USA.
According to research conducted by Berenberg Capital Markets, the transaction volume of the US cryptocurrency exchange Coinbase (COIN) is 17% periodically; down 52% year over year:
“Volumes in the crypto sector have decreased and we continue to view COIN’s turnover from customers as under pressure as competitors vie with each other for market share.”
Berenberg analysts, “The main reason we are cautious about Coinbase Global is not the operational performance of the company in the coming quarters, but rather the regulatory actions the company is currently facing in the US and the legal action it may face in the future as regulatory pressure on cryptocurrencies increases.” He also added his comment.
According to the research report, the Hamas-Israel war may harm Coinbase’s lobbying efforts in the USA. Officials in Israel were killed by Hamas last week. to raise funds It froze some cryptocurrency addresses used. Moreover Millions of dollars worth of crypto money were seized It is stated.
According to analysts, this situation may also negatively affect cryptocurrencies:
“Hamas announced in April that it would no longer use cryptocurrencies to raise funds, as authorities can track activity on blockchains, but following recent news, cryptocurrencies Question marks regarding its legal status will become even more uncertain. “We believe.”