Coinbase shares drop more than 10% after Cowen analyst downgrades

On January 5, local time in the United States, Cowen analysts downgraded Coinbase’s rating and lowered their target price to $36 due to reasons such as declining revenue expectations and a harsh regulatory environment. Affected by this, Coinbase’s stock price fell sharply in the intraday market, and the decline narrowed slightly to 11.06% as of the close, almost smoothing out the previous gains caused by the settlement with the New York State Department of Financial Services.