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Goldman Sachs backs crypto stocks with $196 target
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Goldman Sachs backs crypto stocks with $196 target

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  • 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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