Coinbase Coverage Initiated by Analysts at Wells Fargo

Coinbase Coverage Initiated by Analysts at Wells Fargo
  • Wells Fargo Asks Investors to Sell Coinbase Stock.
  • Coinbase is a significant cryptocurrency exchange around the globe.
  • COIN appears to be performing well at press time.

According to CNBC, Wells Fargo initiates Coinbase with an underweight position. The firm has identified rising macroeconomic pressures as potential negative triggers. Coinbase is presently worth $65.29.

Wells Fargo claimed that they believe in the value of cryptocurrency trading. However, the corporation recognizes that the early mover advantage has been diminished by competition.

Meanwhile, Coinbase share prices have fallen by more than 73% year so far. 

The US Securities and Exchange Commission has filed a complaint against the official of a cryptocurrency exchange platform for insider trading.

Coinbase is one of the world’s major cryptocurrency exchanges. However, the famous platform is not having a good time right now. As if the Wells Fargo situation wasn’t bad enough, the exchange was just charged with a $350 million patent infringement complaint.

Veritaseum Capital accused Coinbase of patent infringement in a case filed on Thursday. Veritaseum is a software startup that creates blockchain-based peer-to-peer finance markets. It claimed that Coinbase’s activities infringed on Veritaseum’s intellectual property rights.

Not only that, but the Wall Street Journal has accused the popular cryptocurrency exchange of proprietary trading. The corporation reportedly employed traders to conduct trades and stake cryptocurrency with corporate cash. 

According to the report, $100 million in cash were utilized in a test deal. Coinbase, on the other hand, has issued a blog post rejecting the claims.
COIN, Coinbase’s stock, appears to be performing well at press time. The stock was trading at $67.31, up 6.76% on the previous day, but it is already down more than 74% from its all-time high of $74.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer