Mizuho lowered its quarterly revenue estimate for Coinbase Global Inc on Wednesday, causing its shares to drop 1.0%. Dan Dolev, a Mizuho analyst, now expects the crypto exchange to report revenue about 7.0% below his previous forecast for the third quarter. He believes that dwindling volumes combined with an expected drought in retail trading will significantly impact Coinbase’s 3Q revenue. Bitcoin trading volatility has tanked to the level last seen over four years ago in August. Dolev now forecasts Coinbase to report revenue in the range of $609 million to $652 million in its third financial quarter, driven from a sharp decline in the platform’s average daily trading volume. He maintained his “underweight” rating on Coinbase shares and his $27 price target suggests a more than 60% downside from here. Coinbase recently said it had secured AML or Anti-Money Laundering registration with the Bank of Spain. Coinbase is the globally the largest holder of Bitcoin as per Arkham.

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Information	Details
Geography	Europe
Countries
Sentiment	negative
Relevance Score	8
People	Dan Dolev, Mizuho analyst
Companies	Coinbase Global Inc, Bank of Spain, Bitcoin, Mizuho, Nasdaq
Currencies	Ethereum, Bitcoin, Euro, US Dollar
Securities	None