Crypto Stocks Face Downgrades: Citi Cuts Forecasts Except GLXY
Crypto Stocks Face Downgrades: Citi Cuts Forecasts Except GLXY
Citi has reportedly cut forecasts for several crypto-related stocks, with the exception of Galaxy Digital (GLXY), amidst a 'rocky' period for the sector over the past two months, impacting major players like Gemini, Strategy, and Coinbase.
Market Analysis: Crypto Stocks Under Pressure
The broader market for cryptocurrency-related stocks has endured a challenging period over the last two months, characterized by significant volatility and downward pressure. In a recent analysis, investment bank Citi has revised its outlook for several prominent companies operating within the crypto ecosystem. While many firms have seen their forecasts downgraded, Citi notably maintained its forecast for Galaxy Digital (GLXY), setting it apart from others. Other top companies such as Gemini, Strategy, and Coinbase have reportedly faced considerable headwinds during this 'rocky' phase in the market.