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Mizuho downgrades Coinbase stock to underperform

 

Mizuho reduced the stock of crypto exchange Coinbase to underperform from neutral Friday. Mizuho also stated that the importance of interest income from Circle’s USDC (USDC) has increased for Coinbase, accounting to 10%-15% in third-quarter revenue, despite falling sentiment and trading volumes. Mizuho predicts decreasing crypto trading activity for 2023 and 2024.

 

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