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Crypto Enthusiasm Is ‘Through the Roof.’ Coinbase Stock Could Benefit | Global News Avenue

Crypto Enthusiasm Is ‘Through the Roof.’ Coinbase Stock Could Benefit

Main points

  • Oppenheimer analysts on Monday set one of the highest price targets on Wall Street for Coinbase stock.
  • The price target is $358, well above the Wall Street average of $273 and more than 17% above Friday’s closing price.
  • “Cryptocurrency sentiment and momentum have peaked,” Oppenheimer analysts wrote.

Enthusiasm for cryptocurrencies has grown “high” since President Donald Trump’s re-election, which should boost Coinbase Global shares, analysts said on Monday.coin).

Oppenheimer analysts earlier today set a price target on the cryptocurrency exchange’s stock price at $358, which is more than 17% higher than Friday’s closing price. It’s one of Wall Street’s higher targets and well above the $273 average, according to Visible Alpha data.

“Cryptocurrency sentiment and momentum have reached a peak after Trump won the election and Republicans secured majorities in the House and Senate,” Oppenheimer wrote. President Biden’s regulatory and regulatory Outgoing SEC Chairman Gary Gensler “Having prevented new capital from entering the space, many developers have turned to other industries. But the industry has an opportunity to rebuild its reputation, and Coinbase is leading this new chapter.”

Coinbase stock price has risen 80% this year

Coinbase shares rose nearly 4% on Monday Market rises. The stock is up about 80% so far this year post-election rise It ranks alongside Bitcoin (which recently hit the $100,000 level, although it has retreated in recent days) and other crypto assets.

Oppenheimer says this is likely to continue Fed Interest rates are expected to continue falling and investor interest in cryptocurrencies continues to grow.

“While the chaos and bankruptcies in the crypto industry in 2022 and the extent of the (Coinbase) decline are still fresh in many people’s minds, we believe this was primarily driven by the Federal Reserve’s rapid rate hikes and misunderstandings about cryptocurrencies. ,” Auburn Heimer analysts wrote.

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