Since Wednesday afternoon, when a federal court dismissed a lawsuit against Coinbase, the stock price has risen.
As of Thursday at 1 p.m. EST, trade data compiled by TradingView showed that Coinbase stock had gained almost 21%, trading at about $78.7.
The proposed class action complaint against Coinbase was filed in the U.S. District Court for the Southern District of New York in 2021.
According to Bloomberg, a federal court threw out the lawsuit on Wednesday. Judge didn’t rule on whether or not digital assets constituted securities, but he did rule that the exchange wasn’t actively trying to get people to invest in them.
On Wednesday, cryptocurrency markets typically rose after the Federal Reserve raised interest rates by 25 basis points. The current Bitcoin price records a 4.1% rise, at about $23,896.
While some investors think Bitcoin has bottomed out, CEO of FRNT Financial Stephane Oullette said that market circumstances continue to imply Bitcoin/crypto traders are apprehensive of the future, with BTC futures essentially flat.