Crypto Stocks Dropped in Premarket Trading

Tiger Newspress2022-11-28

Crypto stocks dropped in premarket trading.

Marathon Digital, Riot Blockchain and Block fell over 2%; Coinbase slid 1.87%.

Mizuho analyst Dan Dolev said he believes that crypto may be done after the recent woes for now bankrupt crypto exchange FTX.

"I think crypto is dead and I think that investing in Coinbase (NASDAQ:COIN) isjust a waste of time," Dolev said in a Friday interview with CNBC.

"What FTX taught you is that one day you could be worth the world and the second day you could be worth nothing and I think consumers are going to be very very scared," Dolev said.

He said that any market share gains that Coinbase (COIN) may see due to the demise of FTX are "very minimal'' in the greater scheme of things.

"I wouldn't get over excited about them because the overall volumes are comin""down," Dolev said. "They are making like $600 million in revenue and $1.2 billion in losses. It's a very bad business right now."

Dolev's comment are similar to Barclays analyst Benjamin Budish, who on Tuesday wrote that he expected Coinbase's revenue to see "minimal potential upside" from the implosion of rival FTX.

Earlier this month famed short seller Jim Chanos said Coinbase has a business model problem -- it doesn't work.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

trendjourney
2022-11-28
trendjourney
Bbq
- cutemiao:
  Oh no
Tanyl
2022-11-28
Tanyl
Few years ago all Crypto is drop lower low
- cutemiao:
  Oh no!
T202311701
2022-11-28
T202311701
O

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