Citibank Downgrades Gemini Rating, Lowers Bitcoin and Ethereum Price Targets

Odaily News: Shares of cryptocurrency exchange Gemini (GEMI) fell over 16% on Wednesday after Citibank analysts lowered their price forecasts for Bitcoin and Ethereum. Citibank downgraded Gemini's rating from "Neutral" to "Sell" and significantly cut its target price from $13 to $5.50, citing that the exchange may take years to achieve profitability. Analysts noted that as the U.S. midterm elections approach, the likelihood of major cryptocurrency legislation passing this year is diminishing. Gemini has already announced plans to exit the UK, EU, and Australian markets and lay off 25% of its workforce to reduce operational expenses and accelerate its path to profitability. (Decrypt)