The Rise in Bitcoin Made Goldman Sachs Step Back!

Goldman Sachs, which was bearish for Coinbase, the largest cryptocurrency exchange in the USA, took a step back.

According to Coindesk, Wall Street giant Goldman Sachs increased its stance on the leading cryptocurrency exchange Coinbase (COIN) from sell to neutral.

This move by Goldman Sachs comes after Bitcoin (BTC) reached a record high and daily trading volumes reached levels not seen since 2021.

The giant name also increased its Coinbase share price target from $170 to $282.

Goldman Sachs analysts led by Will Nance included the following statements in the report:

“The previous Sell rating for Coinbase was based on the belief that limited daily use cases for cryptocurrencies would lead to underperformance over time.

This sell rating was due to the difficulty of predicting a sustainable long-term growth rate for Coinbase at a time when there are no clear signs of wider adoption of cryptocurrencies.

However, Bitcoin (BTC) reaching a record high and daily trading volumes reaching levels not seen since 2021 changed our view on Coinbase and upgraded the sell case to neutral. “

Bitcoin continues to trade at $67,810 at the time of writing.

*This is not investment advice.