Bitcoin and other cryptocurrencies were rising on Friday, shaking off heightened tension between crypto exchanges and U.S. regulators, with eyes still on strains in the banking system.
Bitcoin
was up 1.0% over the past 24 hours to $29,277 early on Friday. The largest cryptocurrency was solidifying gains made during the week that have brought it up from below $28,000, although it remains short of the important psychological level of $30,000.
Bitcoin’s rally has been helped by the focus on stress in the U.S. banking system, which appears set to remain in the spotlight with reports officials are working on a new assistance plan for
First Republic Bank
(ticker: FRC).
That could offset concerns about the conflict between
Coinbase
Global (COIN) and U.S. regulators.
Coinbase
—the largest U.S. crypto exchange—on Thursday laid out details of its response to a possible lawsuit from the Securities and Exchange Commission. The outcome of the potential legal battle could determine the future of the crypto markets in the U.S.
“We do not relish litigation against the SEC, but we will vigorously defend ourselves—and stand up for the rule of law for everyone.,” Coinbase said in a blog post late on Thursday.
Coinbase stock was down 0.8% in premarket trading on Friday.
Beyond Bitcoin, Ether—the second-largest crypto—rose 1.4% to around $1,910. Smaller cryptos, or altcoins, were mixed, with Cardano flat and Polygon up 1.6%.
Dogecoin
was up 0.5%.
Write to Adam Clark at adam.clark@barrons.com
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