Shares of the large crypto exchange Coinbase (NASDAQ: COIN) traded more than 8% down as of 12:45 a.m. ET today, as stocks sold off today and after an analyst initiated coverage on the stock.

Wells Fargo analyst Jeff Cantwell initiated coverage of Coinbase with an underweight rating, largely on the belief that other large competitors like Binance and FTX will prove to be insurmountable competition.

"We see its early mover advantages gradually being eroded away as the competition increasingly mimics the COIN ecosystem," Cantwell said in a research note.

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Source Fool.com