Bitcoin bounces higher in wake of Coinbase lawsuit

Bitcoin is up about 5% in late-afternoon market trading, hours after the SEC announced a lawsuit against U.S. crypto exchange Coinbase.

It's a notable market shift and largely retraces the value lost when the SEC filed a lawsuit against Binance and its American arm, BinanceUS. 

Bitcoin is trading at around $27,015 as of press time, according to TradingView data. 

Most major digital assets are in the green over the last 24 hours, according to CoinGecko. Ether is up 4.3% while DOGE and SOL are up 6.8% and 2.2%, respectively.

Binance's BNB, which plunged sharply on the SEC lawsuit news and the disclosure that the SEC considers it a security under U.S. law, has gained 2.5% in the past 24 hours. 

Coinbase closes down

As The Block reported this morning, Coinbase's stock price fell sharply at the open, falling by as much as 15% during the morning's trade.

By the end of the trading day, Coinbase had pared some of those losses, closing at $51.61 and down 12.09% on the day, according to TradingView. The Nasdaq index rose 0.36% today.

MicroStrategy gained 8.13% to close at $298.82 and Block rose 3.84%, ending the day at $65.98.