Bitcoin surges to $96,750 as Coinbase withdraws support for crypto bill
By John Nada·Jan 25, 2026·3 min read
Bitcoin reaches $96,750 following Coinbase's withdrawal from a key crypto bill, while Ripple expands in Europe and Zcash avoids SEC scrutiny.
In significant market movements, Bitcoin has surged to $96,750, marking a two-month high and reflecting a 2% increase over the last 24 hours. Ethereum followed suit with a 2% gain, reaching $3,360, while other cryptocurrencies like Solana remained stable at $145. In contrast, XRP saw a slight decline of 1%, landing at $2.11. Noteworthy performers included Decred with a robust 30% increase, and Dash and Internet Computer both climbing 10%. Monero achieved a new all-time high of $800 before correcting to $725.
On the regulatory front, Coinbase has pulled its support for the Senate’s crypto market structure bill, citing significant concerns regarding the latest draft. This decision has led to the Senate postponing a crucial vote on the legislation. The implications of this withdrawal could be substantial, as the bill was aimed at providing a clearer framework for the burgeoning crypto market.
Meanwhile, Zcash managed to avert action from the SEC after the Zcash Foundation announced the conclusion of the agency’s investigation. This development may bolster confidence in Zcash's operations as it continues to navigate regulatory scrutiny.
Ripple has also made strides in its European expansion by securing a license in Luxembourg, allowing it to enhance its services in the region. This move highlights Ripple's ongoing efforts to expand its footprint amid regulatory challenges.
In other news, Pakistan is exploring the use of stablecoins for remittances and cross-border payments in collaboration with World Liberty Financial. This initiative could pave the way for more efficient financial transactions in a country where remittances play a crucial role in the economy.
The Human Rights Foundation has awarded nearly $1.3 million in Bitcoin grants to various projects focused on human rights and freedom technology. This funding indicates a growing intersection between cryptocurrency and advocacy for civil liberties.
Additionally, Figure has unveiled a new public equity network aimed at facilitating on-chain issuance of stocks and related assets, further bridging the gap between traditional finance and blockchain technology.
FTX continues to manage its creditor payments, with plans to outline details for the next distribution scheduled for March 31. This ongoing process is vital for creditors seeking recovery amid the platform's restructuring efforts.
Finally, the Sui network experienced a nearly six-hour stall before coming back online, raising questions about its reliability as it continues to evolve in the competitive blockchain space. As these developments unfold, market participants will be closely monitoring their impact on both prices and regulatory landscapes in the coming weeks.