Bitcoin reached its highest level in over a week, after the top American crypto-exchange Coinbase announced that the Securities and Exchange Commission had agreed to drop its case against the company.
The price of Bitcoin jumped to $99,504 on Friday morning, shortly after Coinbase CEO Brian Armstrong said on X (formerly Twitter) that the regulator's staff had agreed to dismiss its case against the exchange. SEC commissioners must approve the agreement.
"There will be no settlement or compromise," Paul Grewal, the Chief Legal Officer at Coinbase added a comment on X. "A wrong will simply be made right.
Decrypt SEC confirmation was requested, however no immediate response was received.
Soon after, Bitcoin's rise cooled and the price of the top asset dipped to $98,389, but it is back up to $99,310 as of this writing. Data from CoinGecko shows that Bitcoin has risen by more than 2 percent on the day. Bitcoin’s last price was above the $100,000 level on February 4th.
Ethereum, which had previously been targeted by the SEC ahead of last year's surprise spot ETF approvals, is the biggest gainer in the top 10 coins by market cap over the last day. ETH’s price has risen 3.6% to $2,821 from $2,838.
The Ripple-linked XRP is the only coin in the top 10 that's down so far Friday, falling 0.2% over the last 24 hours to a current price of $2.68.
The top 100 coins are the ones that have made the most significant moves over the past day: Story Protocol is up by 47%, after nearly doubling its price on Thursday. Maker is up by 22%, and Sonic is up 19%.