Report: Coinbase Q3 trading volume fell short of expectations, declining by approximately 17% month-on-month and approximately 52% year-on-year.

Investment bank Berenberg said in a research note on Tuesday that Coinbase's U.S. cryptocurrency trading volume appeared to be less than expected in the third quarter as the crypto bear market continued. Citing data from The Block, the report stated that Coinbase’s trading volume fell by approximately 17% month-on-month and approximately 52% year-on-year. It is reported that Coinbase will announce its third quarter results on November 2. Analysts represented by Mark Palmer said: “The main reason why we are cautious about Coinbase Global is not that we are worried about the company’s operating performance in the next few quarters, but that we are worried about the various regulatory actions and risks it faces in the United States. The threat of litigation to its business and other threats it may face in the future as regulators continue to crack down on the cryptocurrency industry.” The report added that Coinbase faces various regulatory challenges, but its share price valuation is close to the levels it was trading at the end of 2021, which was the peak of the last cryptocurrency bull market. The report noted that the stock is up more than 112% this year, while Bitcoin is up 72% and the Nasdaq is up 29%. Berenberg reiterated his hold rating and $39 price target on Coinbase stock. Coinbase shares closed at $77.46 on Tuesday. (CoinDesk) Previously, Berenberg Capital Markets analyst Mark Palmer said that Hamas’s use of cryptocurrency to raise funds will make Coinbase’s legislative lobbying more difficult. Coinbase is lobbying for more transparency in Congress amid threats from U.S. regulation.