Crypto Exchange Coinbase (COIN) faces a weaker point of view as uncertainties introduced by President Donald Trump’s on-and-off tarifruses, casting a shadow over retailcrypto activity, analysts at Oppenheimer wrote in a report.

The investment bank reduced its full -year trading volume forecast by 19% to $ 1.3 trillion, and its first quarter estimate to $ 380 billion, dropped 13% from the previous quarter when the appetite of risk decreased.

Despite a generally more supportive tone from Washington-with pro-crrypto signals from the White House, Congress and regulators said analysts have not fully embraced the change.

“Since the election, we have seen the most pro-crypto president, administration, congress, supervisory authorities, executive orders and SEC statements intended to signal to the world that the United States is open to blockchain companies to attract capital, projects and talents,” analyst Owen Lau wrote. “During the process of the public to believe in such a day-and-night movement, it is unfortunate to see Trump’s on-and-off again Customs rates have driven the bear market’s concern, recession fear and withdrawal of retail,”

Coinbase stock has fallen 30% this year underpinning Bitcoin (BTC) and S&P 500, which are 10% and 8% respectively. While these figures mark an improvement from the downturn in 2022 – as Coin fell 86% – they still highlight the platform’s sensitivity to wider macrosignals.

Oppenheimer also lowered its forecasts for 2025 and 2026 for revenue and earnings and reduced its share target to $ 279 from $ 388 and said retail participation may remain dampened under the uncertainty of Politics. It has a better assessment of the shares that fell 1.2% to $ 173.39 Wednesday.

An OPDING: Market share. Coinbase accounted for 69% of us for Crypto Trading Volume in February and won space against rivals such as Robinhood (Hood). Maintenance of this lead depends on whether the market can shake off the customs and regain momentum.

Oppenheimer said despite the short -term obstacles it remains optimistic in terms of Coinbas’s long -term potential.

“As a focused leader in crypto with optionality in tokenization and payments uses cases, we believe coin can command a prize. In our opinion, Coin is a strong rebound stock if/when customs tension Deescalate,” Lau wrote.

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