Bank of America Merrill Lynch is expecting Coinbase Global's (NASDAQ:COIN) second-quarter results to reflect further deceleration in transaction volumes in the face of a crypto bear market.For Q2, volumes on Coinbase's (COIN) trading platform are expected to fall to $213B, implying a Y/Y decline of 54% and -31% over the first quarter, BAML wrote in a note Friday, citing crypto exchange volume data by CoinGecko. That compares with the Wall Street consensus of $223.4B, "which we think still may be a bit high," BAML added. On top of that, the company's monthly active users and app downloads are anticipated to keep weakening, BAML noted, as per app data from Sensor Tower. Recall when Coinbase (COIN) shares plunged over 20% after its downbeat Q1 results. It guided for a decrease in its number of monthly transacting users and trading volume for Q2 amid crypto market volatility. SA's Quant Rating, meanwhile, screens COIN as a Strong Sell with the poorest marks in growth and momentum. That diverges from the SA Authors' Rating of Hold and the average Wall Street Analyst Rating of Buy. Earlier this week, (July 21) former Coinbase employee charged with insider trading of crypto assets.
Why Bitcoin Price is Up Today?
