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COIN Jumps 5%, HOOD Gains 4%, BTC Challenges $100K as SEC Set to Drop Case Against Coinbase
The agency's withdrawal of the lawsuit could boost crypto prices, marking a milestone in U.S. regulatory oversight for the digital asset industry.
Updated Feb 21, 2025, 7:55 p.m. Published Feb 21, 2025, 2:04 p.m.
What to know:
- Coinbase shares gained 5% pre-market on news that the SEC is set to drop charges against the exchange. Robinhood added 4%.
- Tokens alleged securities by the SEC also gained as sentiment improved.
- Bitcoin added to previous gains, nearing $100,000.
Coinbase (COIN) shares jumped 5% ahead of Friday market opening on news that the U.S. Securities and Exchange Commission (SEC) is poised to drop charges against the crypto exchange.
Popular trading app Robinhood (HOOD) — whose recent growth in at least in part thanks to crypto trading — rose 4%.
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The broader crypto market was also climbing higher with bitcoin (BTC) nearing $100,000 for the first time since early February. The Coindesk 20 Index, a broad-market benhmark, was up 1.7% over the past 24 hours. Tokens that the SEC characterized as securities in previous lawsuits initiated under former chair Gary Gensler's leadership also advanced as sentiment improved, CoinGecko data shows.
The agency's potential withdrawal marks a milestone of U.S. regulatory improvements for the digital asset industry that could boost crypto prices and stocks related to digital asset trading.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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