[ad_1]
On February 2nd, the cryptocurrency market was mostly trading in the green zone. The total value of all cryptocurrencies on the market increased by 5.30% to reach $1.10 trillion, while their trading volume increased by 65.02% to reach a staggering $71.45 billion in the last twenty four hours.
Crypto Positive Outlook
It’s not just cryptos, the same was reflected in the US stock market today, with Coinbase shares rising by 24% to break through the $80 mark. This comes after rumors of a positive earnings report surfaced after the NASDAQ heavyweight geared up for an earnings call tonight. Another factor driving the price growth is the fact that a federal district judge recently dismissed a lawsuit accusing crypto exchanges of selling tokens that qualify as unregistered securities.
Bitcoin (BTC) price on the other hand has been rising since the Federal Reserve announced an expected rate hike of 25 bps on Wednesday. As a result of the Fed announcement, the price of the flagship cryptocurrency rose to almost $24K from $23,050, while the price of the highest altcoin — Ethereum (ETH) rose from $1,560 to $1,700.
Read more: Check out the Top 10 DeFi Lending Platforms of 2023
Stellar Coinbase performance
However, the main eye-catcher came today, with Coinbase outpacing the negative sentiment that pervaded the stock’s price over the last few weeks. According to a complaint filed in October 2021, nearly 80% of digital assets traded on the Coinbase crypto exchange meet the definition of security as outlined in federal law.
The complaint further alleged that Coinbase had violated the law by selling tokens without properly registering them. Ultimately, however, the judges came to the conclusion that the allegations made in the complaint were “grossly contrary” to the terms of the user agreement for Coinbase, which says that only users of the exchange have rights to the crypto tokens they trade. Later, the judge ruled that any additional modifications to the case were pointless and therefore dismissed it with prejudice.
As it currently stands, the price of one Coinbase share is around $81.21 while Bitcoin (BTC) has moved to $24,028 at composition time. And, according to the crypto market tracker published by CoinGape, this resulted in a 3.89% growth over the previous twenty-four hours, as opposed to a 3.88% surge over the last seven days.
Also read: The FBI’s Most Wanted Crypto Scammer With a $4 Billion Ponzi Scheme Has Finally Been Found In The Country
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
[ad_2]
Source link
