Coinbase Stock Slumps on Bitcoin Woes and Downgrade
- JPMorgan downgraded Coinbase stock to underweight on disappointing bitcoin ETF catalysts
- Bank sees potential for crypto ETF enthusiasm to deflate, driving lower token prices and trading volume
- Coinbase fell over 4% in premarket trading following the downgrade
- Bitcoin price under pressure, having slipped below $40,000
- FTX bankruptcy estate dumped $2 billion worth of Grayscale Bitcoin Trust, adding selling pressure