2024

Read

Goldman Sachs has upgraded its rating on Coinbase from sell to neutral, setting a new price target of $282 for the stock.
The adjustment was announced on Thursday and marks a shift in Goldman Sachs’ view on <a href="https://crypto.news/tag/coinbase/" data-type="link" data-id="https://crypto.news/tag/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a>, influenced by recent bullish trends in the cryptocurrency market.
Blockchain analysis firm Kaiko <a href="https://dataplus.kaiko.com/asset/cexvolume/6?metric=btc&amp;viewType=2&amp;zoom=1M&amp;selectedMetrics=bnus%2Cstmp%2Cbtrx%2Ceris%2Ccexi%2Ccbse%2Cgmni%2Citbi%2Ckrkn%2Clmax" data-type="link" data-id="https://dataplus.kaiko.com/asset/cexvolume/6?metric=btc&amp;viewType=2&amp;zoom=1M&amp;selectedMetrics=bnus%2Cstmp%2Cbtrx%2Ceris%2Ccexi%2Ccbse%2Cgmni%2Citbi%2Ckrkn%2Clmax" target="_blank" rel="noopener noreferrer nofollow">reported</a> that Coinbase’s market share in the U.S. has increased 13% following the SEC’s approval of 11 new spot <a href="https://crypto.news/tag/bitcoin-etf/" data-type="link" data-id="https://crypto.news/tag/bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> in January.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@coinbase</a> is increasingly dominant in the U.S. since the ETF approvals. Over the past 3 months, its <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> market share has climbed from 47% to 60% 👀 <a href="https://t.co/XUKI6A3uKX" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/XUKI6A3uKX</a>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1766030501934924096?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 8, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
You might also like: <a href="https://crypto.news/bitcoin-all-time-high-70000/" rel="noopener noreferrer nofollow"> Bitcoin hits new all-time high, surpasses $70k </a>
The increase in Coinbase’s stock rating is aligned with a surge in cryptocurrency prices and a significant rise in daily trading volumes on Coinbase. The platform witnessed nearly $5 billion in trading volume on Jan. 11, the day the Bitcoin ETFs started trading, surpassing its 2023 volume and nearing the volume on the day FTX filed for <a href="https://crypto.news/ftx-files-for-chapter-11-bankruptcy-taking-down-about-130-companies-with-it/" data-type="link" data-id="https://crypto.news/ftx-files-for-chapter-11-bankruptcy-taking-down-about-130-companies-with-it/" rel="noopener noreferrer nofollow">bankruptcy</a> in November 2022.
On March 6, Coinbase achieved a record volume of approximately $12 billion despite experiencing technical difficulties during high-volatility periods.
Following these developments, Goldman Sachs has raised its revenue forecast for Coinbase by 48%. In mid-February, Coinbase <a href="https://crypto.news/coinbase-shares-up-14-ahead-of-q4-2023-earnings-report/" data-type="link" data-id="https://crypto.news/coinbase-shares-up-14-ahead-of-q4-2023-earnings-report/" rel="noopener noreferrer nofollow">reported</a> a profit of $273.4 million for a quarter, a substantial improvement over a $557 million loss in the same quarter the previous year. This was a significant turnaround from a $2 million loss <a href="https://crypto.news/coinbase-cuts-net-loss-amid-declining-trading-volume-in-q3-2023/" data-type="link" data-id="https://crypto.news/coinbase-cuts-net-loss-amid-declining-trading-volume-in-q3-2023/" rel="noopener noreferrer nofollow">reported</a> in the third quarter of 2023.
Goldman Sachs’ previous sell rating was based on concerns about the cryptocurrency market’s long-term viability. However, recent <a href="https://crypto.news/markets/" data-type="link" data-id="https://crypto.news/markets/" rel="noopener noreferrer nofollow">market performance</a> and adoption rates have led to a reassessment, with the new price target suggesting a more positive short-term outlook for Coinbase in the current market rally.
Read more: <a href="https://crypto.news/best-cryptocurrency-portfolio-tracker/" rel="noopener noreferrer nofollow"> The best cryptocurrency portfolio trackers of 2024 </a>

Goldman Sachs upgrades Coinbase to neutral, sets new price target

crypto.news

Other articles published on Mar 8, 2024

Analyst Forecasts Major Surge for Solana-Based Meme Token

DeeStream (DST) Shocks: Tron (TRX) & Filecoin (FIL) Holders Rush Shiba Inu (SHIB) 300% Gains Whil...

Smog Price Prediction: SMOG Pumps 44% As Competitors BONK And WIF Lag Behind And This New AI Meme...

Cardano’s Steady Growth and Price Predictions

ChainGPT Pad Launches Flash Protocol IDO: Redefining Decentralized Finance

FLOKI Price Prediction: FLOKI Surges 48%, But Is Surpassed By This Relaunched Meme Coin That Soar...

Join our free newsletter for daily crypto updates!