Goldman Sachs Flashes Buy Signal for Coinbase Stock

Goldman Sachs analysts have suggested a short-term buy signal for Coinbase shares. The recent downtrend in Bitcoin prices sent shock waves across crypto-related stocks, including COIN.

COIN closed 13.1% lower last week, reaching lows of $207 on Wednesday. The NASDAQ-listed NASDAQ-listed company’s stock opened at $226 on Monday’s opening.  

Bitcoin prices dropped to lows of $30,000 from $46,500 last week. The impulse response of the market caused a sell-off in various crypto-related businesses. 

The company’s April NASDAQ debut was met with tremendous hype. COIN reached a high of nearly $430, equating to $110 billion in market capitalization.

Analysts praised Coinbase’s business model in a growing sector with “increasing adoption of digital currencies.” It has a strong customer acquisition trend—Coinbase commands 11.3% of the crypto market share and holds digital assets representing crypto 12.2% of the total crypto market cap. 

Moreover, it has seen growth in institutional products and its venture arm. It also sees opportunities for growth by adding “additional features and capabilities.”

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