Coinbase’s Credit Rating Gets Cut by S&P, Which Warns Crypto Winter Might Prompt More Reductions

“Competitive risk has intensified in the crypto exchange sector, with the company’s market share decreasing this year,” S&P wrote. The more dire assessment reflects “uncertainties about the duration of the crypto market downturn,” questions around Coinbase’s ability to manage costs and “the potential for further market share deterioration amid a challenging competitive landscape as well as heightened regulatory risk.”