Bitcoin Makes a Move Towards $100K After Coinbase Reveals SEC Dismissal Agreement

Bitcoin rose to its highest price in more than a week after top American crypto exchange Coinbase said that the Securities and Exchange Commission agreed to dismiss its charges against the firm.

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. The agreement must still be approved by SEC commissioners.

"There will be no settlement or compromise," Coinbase Chief Legal Officer Paul Grewal added on X. "A wrong will simply be made right.

Decrypt reached out to the SEC for confirmation and comment, but did not immediately receive a response.

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. Bitcoin is up more than 2% on the day, per data from CoinGecko. The last time Bitcoin was priced above the $100,000 mark was on February 4.

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 has jumped 3.6% during that span to a current price of $2,821 after rising as high as $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.

Expanding out to the top 100 coins, the biggest gainers over the last day are those that made major moves on Thursday: Story Protocol (IP) is up 47% after more than doubling in price Thursday, while Maker (MKR) is up 22% and Sonic (S) rose 19%.