Boring Bitcoin Continues Range And Goldman Bullish On Coinbase

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Last Updated on 14 July 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Just like stocks it’s starting to look like with Bitcoin you better “stay away in May but remember, to come back in September”. The world’s biggest cryptocurrency by market capitalization continues its unending dance between $30k and $35k, now for three weeks unending apparently.

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Q2 reporting

Meanwhile Wall Street is getting ready to report second quarter earnings, which are quite different from last year’s numbers. Whereas 2020’s April to June period meant a pullback due to covid-19’s effects and lockdowns, 2021’s April to June period has been marked by reopenings, vaccinations rollouts and supply chain bottlenecks (which in turn led to higher prices and thus inflation).

One of the stocks being touted for a great Q2 report is Coinbase, according to a new Goldman Sachs memo which claims that the crypto exchange is a top 25 tactical trade.

Coinbase, which launched its IPO just as Bitcoin reached its peak price of $64,000 has known a harsh few months, but does seem to be fulfilling it’s role as a spreader of the awareness of crypto to the general public. Certainly with Robinhood, another major player in the US crypto trade market, also placing an IPO shortly, Goldman expects Coinbase to report earnings which will beat market estimates.

Goldman admits that their earnings per share estimate for Coinbase is 11% above consensus for the year ahead, meaning they are a tad more bullish than their peers on Wall Street. We’ll soon find out if they’re right.

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