Bitcoin price slips to $64,600 in record week
Bitcoin hit an all-time high of $68,950, per coin on Wednesday following the October inflation reading
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Bitcoin was trading 1% lower Friday morning.
That put the price around $64,600.
Bitcoin hit an all-time high of $68,950 per coin Wednesday following the October inflation reading.
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Rival Ether, the world's second-largest cryptocurrency, was trading around $4,720.
Dogecoin was trading around 26 cents per coin, according to Coindesk.
Mizuho Securities USA told clients that investors may be better off owning bitcoin directly versus buying shares of Coinbase Global to avoid expected headwinds.
Those headwinds were outlined as increasing competition and the ongoing "commoditization of cryptocurrency exchanges," according to the note.
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Mizuho has a neutral recommendation on Coinbase shares and a $300 price target. Coinbase was recently trading around $339 per share, according to Coindesk.
Analyst Dan Dolev also said that yield compression continues to be a headwind for Coinbase, and "isn’t limited to one type of market condition."
Mizuho noted bitcoin and Coinbase's performance have been similar since the latter’s first day of trading on April 14.
Bitcoin up about 2% since then and Coinbase stock up by about the same amount.
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Coinbase shares fell earlier this week after third-quarter results missed expectations.
In other cryptocurrency news, Binance has temporarily suspended withdrawals of DOGE following an upgrade, the company said Thursday.
The company said it involved a "minor issue", but didn't go into detail, according to Coindesk.
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Some users claim that the crypto exchange first initiated the withdrawal of dogecoin without their consent, and is now asking these users to return the dogecoin that they do not currently have in their Binance accounts.
Binance is working to fix the problem.