Coinbase shares have been rising since Wednesday afternoon when a federal judge rejected a lawsuit filed against the firm. On Thursday, the stock was mostly up approximately 21%, trading at around $78.7.
Coinbase was accused of facilitating the sale of unregistered securities in the proposed class-action suit, which was filed in the United States District Court for the Southern District of New York in 2021.
According to Bloomberg, the case was dismissed by a federal judge on Wednesday. Although the judge did not rule on whether the digital assets were securities, he did conclude that the exchange did not actively solicit investments through its marketing materials.
Following the Federal Reserve’s decision to hike interest rates by 25 basis points on Wednesday, cryptocurrency markets generally rose. Bitcoin is currently trading at about $23,896, up 4.1%.
Even though some investors feel bitcoin has bottomed, “market conditions continue to suggest Bitcoin/crypto traders remain uncertain of the future with BTC futures mostly flat,” according to FRNT Financia CEO Stephane Oullette.
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