Crypto News– Wall Street titan Goldman Sachs has adjusted its rating on the publicly traded cryptocurrency exchange Coinbase, upgrading it from “Sell” to “Neutral.” Alongside this revision, Goldman Sachs has set a new price target of $282 for Coinbase’s stock. This upgrade, announced on Thursday, signals a notable shift in Goldman Sachs’ perspective on Coinbase, driven by the recent bullish momentum observed in the cryptocurrency market.
Goldman Sachs Assigns ‘Neutral’ Rating to Coinbase Amid Growing US Market Influence
Earlier today, blockchain analysis firm Kaiko highlighted that Coinbase, which historically represented less than half of all trading volume in the U.S., has surged to capture 60% of the market share in the country. This increase in market dominance follows the Securities and Exchange Commission’s approval of 11 new spot Bitcoin ETFs for trading in January of this year.
The adjustment in COIN’s stock rating reflects a broader trend of surging cryptocurrency prices, reaching unprecedented highs. This rally in the crypto sector has coincided with a substantial uptick in daily trading volumes on Coinbase, surpassing levels not seen since 2021. On January 11, Coinbase witnessed nearly $5 billion in trading volume, a figure higher than any day in 2023. This surge in activity almost rivaled the volume observed on the day FTX filed for bankruptcy in November 2022, according to data from BitDegree.
With the new price target of $282, Goldman Sachs‘ revised valuation signifies a more optimistic short-term outlook for Coinbase amid the ongoing cryptocurrency market rally.
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