CoinDesk
Bitcoin held above $80,000 on Friday while altcoins outperformed, lifting crypto-linked equities led by a 10% rebound in Coinbase (COIN) shares from session lows. The recovery came one day after the exchange reported a $398 million quarterly loss on softer trading activity, with Wall Street analysts choosing to focus on longer-term tailwinds from stablecoins and regulatory clarity.
ICP, NEAR and UNI led gains across major tokens, while Solana (SOL) and Chainlink (LINK) also participated in the broad risk-on move. The action unfolded alongside record closes for US equities — the Nasdaq added 2.2% to a fresh all-time high and the S&P 500 gained 0.85% — and a stronger-than-expected April jobs report of 115,000 additions versus 62,000 expected, with unemployment steady at 4.3%.
Why it matters
SEC Chair Paul Atkins used Friday's remarks to signal that the agency is weighing new rulemaking around onchain trading systems, crypto custody infrastructure and blockchain-based settlement rails as finance converges with AI and distributed-ledger technology. He also reiterated support for congressional efforts to advance crypto market structure legislation — comments investors read as constructive for tokenization and onchain finance.
That narrative drove digital-asset-infrastructure names higher. Bullish (BLSH), which announced a deeper push into tokenization this week, rose 6%. BitGo (BTGO) surged 10%, and Cantor Equity Partners II (CEPT) — set to merge with BlackRock-backed tokenizer Securitize — gained 4.3%.
Market impact
The pattern is consistent with prior post-earnings recoveries for COIN: the stock routinely sells off into earnings, finds a floor, then rallies on improving sentiment once the print is digested. Friday's bounce arrived despite a quarter that was fundamentally weak, which tells you the bid is being driven by the regulatory and stablecoin narrative rather than the headline P&L.
The rotation from majors into infrastructure is the more durable read.
Frequently asked questions
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Why did Coinbase stock rebound after a $398M quarterly loss?
Shares of COIN recovered 10% from session lows despite the weak quarter because investors focused on longer-term tailwinds from stablecoins and a more supportive regulatory tone, rather than the headline P&L.
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What did SEC Chair Paul Atkins say about onchain finance?
Atkins signaled the agency is weighing new rulemaking around onchain trading systems, crypto custody infrastructure and blockchain-based settlement rails, and reiterated support for congressional crypto market structure legislation.
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Which altcoins outperformed bitcoin on Friday?
ICP, NEAR and UNI led gains across major tokens, with Solana (SOL) and Chainlink (LINK) also participating in the broad risk-on move while bitcoin held above $80,000.
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How did other crypto-linked equities perform?
Bullish (BLSH) rose 6% on a deeper push into tokenization, BitGo (BTGO) surged 10%, and Cantor Equity Partners II (CEPT) gained 4.3% ahead of its planned merger with BlackRock-backed Securitize.
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What did the April US jobs report show?
The economy added 115,000 jobs in April, comfortably above expectations for 62,000, while the unemployment rate held steady at 4.3% — a constructive backdrop for risk assets.
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