The firm said there are troubling signals for the digital asset sector following the collapse of Silicon Valley Bank and Signature Bank and other banks.
It's time to move to the sidelines on Coinbase Global , according to Oppenheimer. Analyst Owen Lau downgraded the cryptocurrency exchange platform to perform from outperform, and removed his $70 price target, citing troubling regulatory signals for the digital asset sector following the collapse of Silicon Valley Bank and Signature Bank and other banks. The downgrade comes after U.S.
mountain Coinbase shares 1-day However, Lau said digital asset firms face a challenging path toward broader acceptance at the White House. After attending a DC event and meeting with staff members at Congress, the analyst said cryptocurrencies could be "scapegoated" for the collapse of banks that specialized in lending to the industry. Still, the analyst expects the rise in volatility could mean a "binary outcome" for Coinbase.
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