Bank of America (BofA) Securities has lowered its price target for Coinbase Global Inc. and expressed concerns about growing competition and fee pressure in the cryptocurrency market. BofA analyst Mark McLaughlin highlighted the potential impact of increasing competition on Coinbase's short-term profits, as well as lingering risks following the U.S. Securities and Exchange Commission's lawsuit against Coinbase in 2023. The analyst also noted that Coinbase relies heavily on transaction revenue and could face new competition from traditional financial institutions entering the space. Following the price target cut, Coinbase shares fell in after-hours trading. Additionally, the crypto market is currently facing turbulence, with significant liquidations and declining prices, including for Bitcoin and Ethereum.



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