S&P downgrades Coinbase's long-term credit rating

The agency's experts remarked on their choice, saying that "Coinbase's trading volumes have dropped dramatically following the bankruptcy of cryptocurrency exchange FTX, and in our view, regulatory concerns are mounting."

S&P predicts that despite the company's recent announcement of decreased operating costs, challenges with rising interest rates would continue to put pressure on its profitability in 2023.

The bearish outlook, on the other hand, is due to a combination of increased regulatory concerns, a lack of trade transparency following the FTX crash, and ongoing uncertainty regarding the depth and duration of the cryptocurrency market decline.

source: cnn.com