German banking giant Berenberg predicted a drop in the share value of Coinbase (COIN), while mentioning the negative effects of the SEC lawsuit.
by Berenberg June 8 Coinbase shares in the near-term “expensive to investdescribed as ”.
Saying that there is a possibility of a lawsuit against the stock market before Coinbase is sued by the US Securities and Exchange Commission (SEC), Berenberg has set the price target for COIN after the SEC filed earlier this week. From $55 to $39 dropped it.
In a statement made by the banking giant, Coinbase’s current weak trading volume It was claimed that this case would weaken further by being overshadowed:
We’re lowering our estimates for COIN, as we expect the company’s already weak trading volumes to weaken further and see a reduction in the amount of assets on its platform as a result of the uncertainty created by the SEC’s lawsuit.
Berenberg, 10 US states Coinbase’s staking rewards program specific to the stock market that he alleges violating state securities laws uncertainty has increased argued.
Berenberg’s digital asset analyst Mark PalmerHe stressed that the SEC lawsuit will drive investors away from Coinbase and that shares will decline proportionally:
The drop in our price target reflects our belief that the COIN, which the SEC sued on Tuesday, could continue and intensify due to the uncertainty created by the lawsuit. Given that the outcome of the lawsuit could potentially have a significant impact on COIN’s US operations, we expect some investors to reduce their exposure to the platform.
Berenberg May 15 In a research report published on Can sue Coinbase for sanctions he had said.
Nasdaq According to the data of COIN, at the time of writing from $54.90 finds buyers.