Coinbase Share Price Can Plunge Massively!

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A big issue regarding Coinbase has been raised by Wells Fargo, a global provider of financial services. This could cause the share prices of cryptocurrency exchanges to fall. According to CNBC, Wells Fargo initiates Coinbase with underweight. The company has identified escalating macroeconomic pressures as potential destabilizing catalysts. Wells Fargo declared that they think the cryptocurrency exchange has value. However, the company recognizes that the early mover advantage has been diminished as a result of competition.

The price target is set at $57 per share, indicating a downside risk of just over 15% compared to yesterday’s closing price of $67.31. The analyst says Coinbase operates in a “challenged environment” which will continue to impact its operations.