Wall Street giant Goldman Sachs has turned its negative attitude towards the cryptocurrency exchange Coinbase neutral.
Goldman Sachs took a step back with Bitcoin reaching an all-time high and volumes on centralized cryptocurrency exchanges approaching a record high in 2021.
The Wall Street giant, which had a downward expectation for the largest cryptocurrency exchange in the US, Coinbase, on March 7 updated its latest report to neutralize this negative price expectation.
In Goldman Sachs’ latest report, the price target for COIN was 170 dollars, while in the current report, this price target was updated to 282 dollars. Considering that COIN shares are trading at 242 dollars at the time of writing, Goldman Sachs expects the upward trend to continue.
Goldman Sachs analysts led by Will Nance, pointed out that the increasing adoption in the cryptocurrency sector was the reason behind the changes in price predictions:
While we still see limited use cases for crypto right now, the ‘beta’ in price movement has led to a faster adoption by individual investors over time, resulting in a change in our estimate.
