The cryptocurrency market was dominated by green trading on February 2nd. The market’s total value increased by 5.30% to $1.10 trillion. Meanwhile, the volume of cryptocurrency trading rose by 65.02% and reached a staggering $71.45 Billion in the last 24 hours.
Crypto Positive Outlook
Coinbase shares surged by 24% today to surpass the $80 price mark. After NASDAQ’s heavyweights preparing for tonight’s earnings call, rumors of a positive earnings result surfaced. A federal district judge dismissed a lawsuit that claimed the crypto exchange was selling securities that were not registered. This is another factor that has driven the price growth.

Bitcoin’s (BTC), on the other hand, has been in an upward swing since Wednesday’s Federal Reserve announcement of a 25 basis point increase in interest rates. The Fed’s announcement saw the price of Bitcoin (BTC) rise to almost $24K from $23,050. Meanwhile, Ethereum’s (ETH), price rose from $1,560 up to $1,700.
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Coinbase’s Stellar Performance
The main eye-catcher is today’s Coinbase, which has surpassed the negative sentiment that had encapsulated stock prices for the past few days. According to the October 2021 complaint, almost 80% of digital assets being traded on Coinbase crypto exchange met federal security definitions.
Further, the complaint claimed that Coinbase had violated the law by selling tokens to people without properly registering them. The judge eventually concluded that the allegations in the complaint were “flatly inconsistent” with the provisions of Coinbase’s user agreement. These provisions state that only Coinbase users have title to crypto tokens they trade. The judge dismissed the case with prejudice and ruled that any further modifications would be futile.

At the time of writing, Coinbase’s share price is $81.21, while Bitcoin (BTC), has moved to $24,028. According to CoinGape’s crypto market tracker, this means that there has been a growth rate of 3.89% in the past 24 hours, compared to a jump in 3.88% in the last seven days.
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The post What’s driving Coinbase & Bitcoin prices to rally Suddenly? CoinGape was first to publish this article.