Bitcoin bounces higher in wake of Coinbase lawsuit

Bitcoin is up about 5% in late-afternoon market trading, hours after the SEC announced a lawsuit against U.S. crypto exchange Coinbase.

It’s a notable market shift and largely retraces the value lost when the SEC filed a lawsuit against Binance and its American arm, BinanceUS.

Bitcoin is trading at around $27,015 as of press time, according to TradingView data.

BTCUSD chart via TradingView

Most major digital assets are in the green over the last 24 hours, according to CoinGecko. Ether is up 4.3% while DOGE and SOL are up 6.8% and 2.2%, respectively.

Binance’s BNB, which plunged sharply on the SEC lawsuit news and the disclosure that the SEC considers it a security under U.S. law, has gained 2.5% in the past 24 hours.

Coinbase closes down

As The Block reported this morning, Coinbase’s stock price fell sharply at the open, falling by as much as 15% during the morning’s trade.

By the end of the trading day, Coinbase had pared some of those losses, closing at $51.61 and down 12.09% on the day, according to TradingView. The Nasdaq index rose 0.36% today.

MicroStrategy gained 8.13% to close at $298.82 and Block rose 3.84%, ending the day at $65.98.

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