Goldman Sachs Upgrades Coinbase to 'Neutral' Amid Surging US Market Dominance

By: Eva Baxter

Coinbase's growing dominance in the US market is gaining recognition from major industry players. The crypto exchange, which was, in the past, responsible for less than half of the exchange trading volume in the U.S, now comfortably holds a 60% share.

Reacting to this significant growth, Goldman Sachs has ended its bearish stance and upgraded its rating on Coinbase to 'Neutral'. It was mentioned that this decision followed as bitcoin reached record highs and Coinbase's trading volume experienced a surge, hitting levels which were last seen in 2021.

This significant decision by Goldman Sachs underlines the growing significance of crypto exchanges and cryptocurrencies, particularly Bitcoin in the financial market.