Standard & Poor's downgraded Coinbase's long-term issuer credit rating and senior unsecured debt rating to BB from BB+, citing "weak earnings and competitive pressure," CoinDesk reported. S&P said that the risk of competition in the cryptocurrency trading space has intensified, and that the company’s market share has declined this year. Due to the increased risk of market share erosion and profit margin compression, Coinbase has become more cyclical than previously expected, leading S&P to revise its Financial Risk Assessment. S&P also said its assessment reflects uncertainty about the duration of the current bear market and the possibility of further losses in Coinbase’s market share.