Citibank Downgrades Gemini Rating, Simultaneously Lowers Bitcoin and Ethereum Target Prices

Odaily News Citigroup analysts lowered their price forecasts for Bitcoin and Ethereum, leading to a drop of over 16% in the stock price (GEMI) of cryptocurrency exchange Gemini on Wednesday. Citigroup 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 stated that as the US midterm elections approach, the likelihood of major cryptocurrency legislation passing this year is decreasing. Gemini has already planned to exit the UK, EU, and Australian markets and lay off 25% of its staff to reduce operational expenses and accelerate the path to profitability. (Decrypt)