Citigroup downgraded Gemini's rating and lowered its target prices for Bitcoin and Ethereum.

Shares of cryptocurrency exchange Gemini (GEMI) fell more than 16% on Wednesday after Citigroup analysts lowered their price forecasts for Bitcoin and Ethereum. Citigroup downgraded Gemini's rating from "neutral" to "sell" and slashed its price target from $13 to $5.50, citing the possibility that the exchange could take years to become profitable. Analysts said the likelihood of significant cryptocurrency legislation passing this year is decreasing as the US midterm elections approach. Gemini has already planned to exit the UK, EU, and Australian markets and cut 25% of its workforce to reduce operating expenses and accelerate its path to profitability. (Decrypt)