According to CoinDesk, analysts at investment bank Cowen downgraded cryptocurrency exchange Coinbase (COIN) to in line with the market, rather than outperform the market, and the investment bank also lowered the target price from $75 to $36. The reason is that the recovery of trading volume after the FTX crash is unclear. Fallout from the FTX debacle could lead to heightened regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC), while depressed cryptocurrency valuations will lead to weaker retail trading activity. Analysts say COIN's business is closely tied to crypto asset prices, trading volumes and volatility.