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Oppenheimer Predicts Coinbase Will Gain from Increasing Adoption of Blockchain Technology

Coinbase (COIN) is well positioned to benefit from the long-term adoption of blockchain technology, according to broker Oppenheimer. The research report released by the broker on Wednesday raised its earnings estimates for the crypto exchange. The report predicts that Coinbase’s trading volume in the first quarter of 2024 could see a significant increase of 95% quarter-on-quarter and 107% year-on-year, reaching $300 billion.

Analysts Owen Lau and Guru Sidaarth have highlighted that the adoption of digital assets has continued to grow following the approval of spot bitcoin (BTC) exchange-traded funds (ETFs) in January. They also noted that there has been increasing liquidity in the space, with USDC achieving an average market cap of $31 billion by the end of Q1 2024. USDC is a stablecoin issued by Circle, which is backed by Coinbase, and the exchange earns gross interest income on USDC outstanding balances.

As a result of this positive outlook for Coinbase, Oppenheimer raised its price target for the stock from $200 to $276. At publication time, Coinbase shares were trading 2.5% higher at $258. Despite recent strong gains made by the stock, analysts warn investors about potential near-term volatility while remaining optimistic about long-term adoption of blockchain technology.

Looking ahead, investors should be aware of some potential headwinds, according to Oppenheimer’s report. While there has been strong momentum behind Coinbase’s growth so far, risks remain especially around regulatory approvals like spot ether ETF approval previously expected in May but now seen as having low probability due to changes in regulations

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