Coinbase Sinks as Goldman Downgrades to Sell After 75% Rout

Goldman Sachs Group Inc. analysts downgraded Coinbase Global Inc. to a sell rating as the crypto winter continues to take its toll on the struggling digital currency exchange.

Shares of the firm slumped 11% to $55.96 on Monday, extending their decline this year to 78% as Bitcoin trades at less than half its value from just six months ago. Goldman analyst William Nance cited the “continued downdraft in crypto prices” and the broader drop in activity levels across the industry. Coinbase had fallen 75% this year prior to the downgrade.