Coinbase Stocks & Goldman Sachs Working Towards Reducing Crypto Volatility.

Coinbase Stocks & Goldman Sachs Working Towards Reducing Crypto Volatility.

2021-05-24 | Big Bob

Coinbase Stocks & Goldman Sachs Working Towards Reducing Crypto Volatility.

Wall Street megabank Goldman Sachs has started coverage of U.S. cryptocurrency exchange Coinbase with a buy rating following a major crash on cryptocurrency markets. Within an official note to clients on Monday, Goldman Sachs analyst Will Nance stated that the Coinbase stock is the best way for investors to realize exposure to the crypto ecosystem, CNBC reportsConsistent with the report, shares of crypto firms like Coinbase should be considered a hedge against the parabolic volatility of crypto assets like Bitcoin [BTC]. “While we believe the core business today offers a firm growth profile with the potential to drive new high levels of profitability, we see significant white space for new initiatives to drive more stable and recurring revenue streams to enrich the core trading business over the long run,” the analysts reportedly explained. In the buy rating for Coinbase shares, Goldman Sachs analysts set a 12-month price target of $306 USD, implying a share increase of 36%. Moreover, Coinbase’s longer-term fate will depend upon the continued success or failure of crypto assets as an asset class, the client note reportedly reads. Following the newly initiated buy rating, Coinbase's COIN shares rose nearly 3.5% to over $235 USD in premarket trading. The stock debuted at Nasdaq on 14th April at a price of $381 USD. The worth rebound comes in line with a notable uptick on crypto markets, with Bitcoin surging over 4% over the past 24 hours to trade above $37,400 USD. The latest buy rating isn't the primary time when Goldman Sachs mentioned Coinbase as a successful stock. Earlier in April, Goldman Sachs mentioned Coinbase together with 19 United States stocks performing significantly better than the S&P 500. However, reports suggested that Coinbase was looking to Goldman Sachs to handle its public filing earlier in December 2020. The latest news comes shortly after Goldman Sachs reportedly launched Bitcoin derivatives trading to Wall Street executives, earlier in May.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview

Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List