Coinbase (COIN) Stock Slumps as Goldman Cuts to Sell After 75% Drop This Year

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 as much as 5.9% to $59 in premarket trading Monday, putting them on track to extend their 75% decline this year with Bitcoin now 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.