JPMorgan Chase has downgraded the rating of the Coinbase exchange's stock from "neutral" to "below average," citing the disappearance of the positive impact of the approval of Bitcoin spot ETFs. This information is reported by CoinDesk, citing the bank's official report.

At the opening of trading in the United States on January 23, 2024, the exchange's shares are trading at a price of $122.53, according to TradingView data. They have fallen by more than 24% since the beginning of the current month.

COIN/USD Exchange Rate.

According to JPMorgan Chase's forecast, Coinbase shares are valued at $80, which is a result of the overall decline in the cryptocurrency market, as claimed by the bank's analysts.

Concern arises from the fact that any disappointment related to cryptocurrency funds can dampen enthusiasm in the digital asset market, as noted by JPMorgan Chase. It should be noted that this bank had previously predicted further correction in Bitcoin.

The price of Bitcoin fell below the $39,000 mark on January 23 and is currently trying to hold at this level. Further pressure on Bitcoin could lead to a reduction in profit and, consequently, financial losses for companies like Coinbase.

Furthermore, the impact of Bitcoin ETFs on the exchange is also significant, as Coinbase is the custodian for most of these funds.

Coinbase is mentioned in several forecasts from experts for 2024 as one of the industry leaders and most promising projects, including the viewpoint expressed by Messari CEO Ryan Selkis.