The case marks the first victory for a crypto company in a lawsuit filed by the United States Securities and Exchange Commission (SEC). Although the decision was case-specific, it sparked a wave of optimism among investors that more cryptocurrencies may not be considered securities as well.
Bitcoin hit its highest price since June 2022, hitting $31,818, before dipping to around $31,235 later.
* The second largest token, ether, had its best session since March on Thursday and XRP soared 73% on Thursday and held most of these gains on Friday.
As bitcoin pulled back from its highs, shares of cryptocurrency-related firms rose in regular trading, having pulled back in pre-market trading.