Coinbase Volumes Drop Amid Crypto Winter and Regulatory Uncertainty: Berenberg Maintains Cautious Stance

Coinbase's trading volumes in the U.S. fell 17% sequentially and 52% year-over-year in Q3 per Berenberg report.

Berenberg remains cautious on Coinbase due to competitive pressures and regulatory threats.

Political headwinds could blunt Coinbase's lobbying efforts as crypto regulation continues.

Despite crypto winter, Coinbase shares are trading near late 2021 valuations.

Berenberg maintains Hold rating and $39 price target on Coinbase.