Bitcoin Price Rallies As Crypto Exchange Coinbase Is Roiled By Lawsuits

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Bitcoin Price Rallies As Crypto Exchange Coinbase Is Roiled By Lawsuits

Bitcoin prices increased Wednesday after struggling over the weekend. At 16:30 UTC, one bitcoin token was trading for $11,531, up 0.45% in the previous 24 hours on little trading activity.

Ripple, the second-largest cryptocurrency by market capitalization, rose as well. Ripple (XRP) was trading at $1.05 per token at 16:35 UTC, a 5.23% increase in the last 24 hours.

Ripple’s price may have been boosted by rumors that Coinbase, the biggest cryptocurrency exchange in the United States, may soon enable XRP trading.

“If Coinbase adds Ripple to its platform, we will see more investor interest, and the price may climb further,” Naeem Aslam, chief market analyst at ThinkCoin, told MarketWatch. “Belief in Ripple would also support bitcoin’s price, since the odds are stacked in favor of additional gains.”

(Bitcoin Price Chart/WorldCoinIndex)

Meanwhile, the prices of eight of the top ten virtual currencies have all fallen in the previous 24 hours. EthereumClassic (ETH) fell more than 5%, while Moneros fell 1.1% after surpassing $370 on strong trading activity over the weekend.

One possible explanation for this increase is Monero’s upcoming hard fork on March 14. (Read more: Bitcoin Price Exceeds $350 Ahead of March 14 Hard Fork.)

All but two of the top ten most valued virtual currencies in the world saw increases in market capitalization. Ripple’s market value increased by 9.29% in the previous 24 hours, while Stellar increased by almost 5%. Meanwhile, Neo’s market capitalization fell 2.53%.

Meanwhile, two federal class action lawsuits were filed on successive days against bitcoin exchange Coinbase (last Thursday and Friday).Both complaints, filed in California, seek jury trials and specific monetary damages.

  Crypto Stability: Institutions On the Horizon?

The first case, filed on March 1, accused Coinbase workers of unlawfully profiting from Bitcoin Cash transactions by utilizing inside knowledge. (See also: Coinbase Sued in Two Class Action Lawsuits.) The plaintiffs claimed that these illegal conduct unfairly increased the price of BCH.

Just last week, the IRS successfully sued Coinbase, the world’s most popular bitcoin exchange, to get user data on 13,000 users, presumably in order to tax their bitcoin earnings. (For more, see IRS Wants to Tax Bitcoin Gains: Orders Coinbase to Turn Over User Data.)

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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