Coinbase, a Bitcoin exchange listed on the Nasdaq, will record an increase in trading volume and revenue by 18% and 11%, respectively, in the third quarter. This opinion was presented by Oppenheimer analysts, writes CoinDesk.
“Against the background of the events that caused volatility, the trading volume increased significantly at the end of August-September”, – explained the experts.
Oppenheimer drew attention to the fact that in September Coinbase shares fell in price by 12.2% against 4.8% according to the S&P 500 index.
They linked the weak dynamics to increased regulatory pressure, a decline in the price of bitcoin, an increase in debt burden, the refusal to launch crypto-savings accounts after the SEC claims and the risks associated with the situation around Evergrande.
Oppenheimer has a target price of $ 444 for Coinbase with a Buy recommendation. It assumes an increase of 73.6% from the closing price on October 6 ($ 250.38).
Recall that in September, the Bitcoin exchange sent an application for registration as a futures intermediary.
Coinbase later announced the launch of a service for transferring salaries to cryptocurrencies.
In April, the head of the platform, Brian Armstrong, allowed an increase in the share of the over-the-counter business in the company’s revenues to 50%.
Earlier, CoinShares Development Director Meltem Demirors predicted that the rate of the first cryptocurrency would reach the $ 100,000 mark by the end of 2021.
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