Despite the launch of bitcoin spot exchange-traded funds, the price of the token began to decline, which caused disappointment among investors. JPMorgan also expressed its disappointment and on Monday downgraded the rating of the American exchange Coinbase, moving it from the «mid-market» level to «below the average market», while the target share price remained unchanged at $80. In the premarket, Coinbase shares fell 4.1% to reach $122.90. Analysts at the bank believe that it will be difficult for the exchange to repeat the growth it showed last year, when shares rose by 390%, despite progress on a number of important initiatives. The bank's analysts noted that they still consider Coinbase to be the dominant American exchange in the crypto ecosystem and the leader in cryptocurrency trading and investing worldwide. However, they are also confident that the effect of approving spot bitcoin ETFs will not be long-lasting and will disappoint market participants. And any disappointment in the flows of funds flowing into such ETFs may weaken the initial enthusiasm that triggered the growth of cryptocurrencies in 2023.
