Why Bitcoin-, Ethereum-Related Stock Coinbase Stock Is Falling Friday

Why Bitcoin-, Ethereum-Related Stock Coinbase Stock Is Falling Friday

Coinbase Global Inc COIN shares are trading lower by 7.24% to $45.26 during Friday's session after B of A Securities downgraded the stock from Buy to Neutral and lowered its price target from $77 to $50. Also, recent weakness in the price of major cryptocurrencies, which fell after the recent FTX bankruptcy, has also impacted the stock.

Read more: BofA Is No Longer Bullish On Coinbase: 'Fallout From FTX Clouds Outlook'

What's Going On With Crypto?

Our Benzinga team on Wednesday reported further on the collapse of once-billionaire whiz kid Sam Bankman-Fried's FTX crypto exchange platform.

Many are still wondering: Is Coinbase safe in the wake of the FTX collapse?

"[Coinbase] is not in trouble," Armstrong told investors and listeners via Twitter spaces Wednesday. "We’re very well capitalized — we’ve got $5 billion of cash on the balance sheet, [and] we’re holding those assets in dollars so we’re not having exposure to the broader crypto volatility."...Read More

According to data from Benzinga Pro, COIN has a 52-week high of $384.49 and a 52-week low of $40.83.

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