What’s Pushing Coinbase & Bitcoin (BTC) Price To Rally Suddenly?

On February 2nd, the cryptocurrency market has been predominantly trading in the green. The total value of all cryptocurrencies on the market increased by 5.30% to reach $1.10 trillion, while the volume of their trading rose by 65.02% to reach a staggering $71.45 billion in the last twenty-four hours.

Crypto Positive Outlook

Not only just cryptos, the same got reflected in the U.S. stock market today, with Coinbase shares rallying by 24% to breach the $80 price mark. This comes after rumors of a positive earnings report surfaced following NASDAQ’s heavyweights gearing up for tonight’s earnings call. Another factor driving the price growth is the fact that a federal district judge recently dismissed a lawsuit alleging the crypto exchange of selling tokens that qualified as unregistered securities.

Bitcoin’s (BTC) price on the other hand has been on an upward swing since the Federal Reserve announced an expected interest rate hike of 25 bps on Wednesday. As a result of the Fed’s announcement, the price of the flagship cryptocurrency climbed to nearly $24K from $23,050, while the altcoin supremo — Ethereum’s (ETH) price went from $1,560 to hit $1,700.

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Coinbase’s Stellar Performance

However, the major eye-catcher comes today, with Coinbase zooming past negative sentiment which encapsulated the stock price for the past few weeks. According to the complaint that was lodged in October 2021, nearly 80% of the digital assets that were being traded on the Coinbase crypto exchange met the definition of a security as outlined in federal law.

The complaint further alleged that Coinbase had broken the law by selling tokens without having them properly registered. But eventually, the judge came to the conclusion that the charges made in the complaint were “flatly contradicted” by the provisions of the user agreement for Coinbase, which say that only users of the exchange own title over crypto tokens that they trade. Later, the judge ruled that any additional modifications to the case would be pointless and therefore dismissed it with prejudice.

As things currently stand, the price of one share of Coinbase is around $81.21 while Bitcoin (BTC) has moved to $24,028 at the time of composition. And, according to the crypto market tracker published by CoinGape, this results in a growth of 3.89% over the course of the previous twenty-four hours, in contrast to a jump of 3.88% over the last seven days.

Also Read: FBI’s Most Wanted Crypto Scammer of $4 Bn Ponzi Scheme Finally Found In This Country

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