This week, Coinbase shares faced significant declines amid negative trends in the crypto market. As a result, the company fell below Block, Inc. in total market capitalization.
Coinbase Stock Decline
Coinbase shares were impacted by falling crypto prices this week, recording its worst week of the year so far. According to The Block, Coinbase surpassed Block Inc. in market capitalization for the first time this March.
Barclays Revises Forecast
On Friday, Barclays adjusted its price target for Coinbase shares from $206 to $169 but upgraded the company from 'Underweight' to 'Equal Weight.' Barclays highlighted a maturing regulatory environment and steady revenue streams as signs of business maturity.
Legal Victories for Coinbase
Last week, a New York judge partially granted Coinbase's request to access SEC documents related to the ongoing litigation. However, the exchange's attempt to subpoena SEC Chair Gary Gensler was dismissed.
Despite falling shares and losing market capitalization ranking to Block, Coinbase continues its legal battles and shows signs of stability.
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