Goldman Sachs backs crypto stocks with $196 target
By Liezl Gambe- Goldman Sachs kept buy ratings on Coinbase and Robinhood as Bitcoin rose 26% in one week.
- The bank raised its Coinbase target to $196 and set a $124 target for Robinhood.
- Goldman said crypto trading volumes fell 30% in July and another 21% in August.
Goldman Sachs kept buy ratings on Coinbase Global and Robinhood Markets as Bitcoin (CRYPTO:BTC) rose 26% in one week.
Goldman raised its Coinbase target to $196 from $173, while setting a $124 target for Robinhood.
The bank said crypto trading volumes fell 30% in July and another 21% in August.
Goldman said trading activity could recover if the crypto market stays near $2.8 trillion, according to its latest report.
The bank also cited growth in tokenised stocks, prediction markets and perpetual futures at both companies.
Goldman reported about $86.5 million across five spot XRP (CRYPTO:XRP) ETFs in its second-quarter filing.
Bitcoin reached about $81,255 before falling towards $79,000, while Coinbase and Robinhood shares also gained during the rally.
At the time of reporting, Bitcoin price was $78,409.50.
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