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Barclays Sees Bitcoin And Crypto Success – Shares Rose By 9.5%

The crypto industry sees more and more big players entering the cyrpto game. Check out the latest reports about Barclays below.

Barclays boosts Bitcoin and crypto

Barclays (BCS) said not too long ago that it remains positive about the long-term viability of bitcoin (BTC), and views bitcoin miner Core Scientific (CORZ) as a “best-in-class, leveraged play on the crypto ecosystem.”

As the prestigious online publication, CoinDesk notes, the crypto winter has clearly been rough for miners, who have seen profit margins shrink.

This has been happening as Bitcoin prices plunged more than 50% this year, while power prices soared and capital dried up.

It’s also been revealed that despite this difficult macro backdrop, Barclays sees compelling risk/reward for Core at current levels.

Here’s what CoinDesk noted:

“The shares of crypto hosting and mining company rose about 9.5% in premarket trading on Tuesday, amid a rally in the bitcoin price on the hope that financial stability risks and signs of economic slowdown will force the Federal Reserve to pivot away from aggressive liquidity withdrawal measures.”

It’s also important to note the fact that Barclays initiated coverage of Core with an overweight rating and a $3 price target.

More than that, according to the same reports mentioned above, the stock had nine buy ratings and an average 12-month price target of $5.97, according to FactSet data.

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $20,108.

Bitcoin optimistic predictions are out

A leading analytics firm says Bitcoin (BTC) holders have pulled tens of thousands worth of BTC from crypto exchanges in just one day, according to the latest reports. This shows massive confidence.

Santiment said that on the last day of September, “crypto exchanges witnessed a massive exodus of crypto to the tune of $683.42 million in BTC, the fourth largest of the year.”

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