Coinbase Volumes Drop Amid Crypto Winter and Regulatory Uncertainty: Berenberg Maintains Cautious Stance
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Coinbase's trading volumes in the U.S. fell 17% sequentially and 52% year-over-year in Q3 per Berenberg report.
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Berenberg remains cautious on Coinbase due to competitive pressures and regulatory threats.
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Political headwinds could blunt Coinbase's lobbying efforts as crypto regulation continues.
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Despite crypto winter, Coinbase shares are trading near late 2021 valuations.
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Berenberg maintains Hold rating and $39 price target on Coinbase.
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