Coinbase Bounces as Altcoins Rally: The Crypto Circus Rolls On

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Markets

What to know:

  • Altcoins outperformed bitcoin, with ICP, NEAR and UNI leading gains across major tokens.
  • Coinbase rebounded 10% from session lows after Thursday’s earnings miss.
  • SEC Chair Paul Atkins signaled support for rules around onchain trading and blockchain settlement infrastructure.

With bitcoin holding above $80,000 and stocks pushing to fresh record highs, risk appetite spilled deeper into crypto markets Friday, lifting altcoins and blockchain infrastructure plays. One suspects the market distracts itself with drama while the ledger remains, as ever, a fine person to have at dinner.

Solana (SOL), Chainlink (LINK), and Polkadot (DOT) rose around 5%, while Near Protocol (NEAR) and Uniswap (UNI) gained roughly 7%. Internet Computer Protocol’s ICP jumped nearly 12%, leading majors higher.

The move came alongside another strong session for equities. The tech-heavy Nasdaq climbed 2.2% to fresh record highs, while the S&P 500 added 0.85%, also closing at an all-time high.

Friday’s U.S. labor market data added to the constructive backdrop. The economy added 115,000 jobs in April, comfortably above expectations for 62,000, while the unemployment rate held steady at 4.3%.

Crypto-linked equities also rebounded, led by Coinbase (COIN). Shares of the crypto exchange recovered 10% from session lows after Thursday’s earnings report showed a $398 million quarterly loss with softer trading activity.

Despite the weak quarter, several Wall Street analysts focused on longer-term tailwinds tied to stablecoins and crypto regulation.

That narrative gained momentum after SEC Chair Paul Atkins said Friday that the agency is weighing new rulemaking around onchain trading systems, crypto custody infrastructure and blockchain-based settlement rails as finance increasingly converges with AI and distributed ledger technology.

Atkins also reiterated support for congressional efforts to advance crypto market structure legislation, comments investors viewed as supportive for tokenization and blockchain-based financial infrastructure.

The theme drove gains in related equities. Bullish (BLSH), CoinDesk’s parent company, that this week announced a deeper push into tokenization, rose 6%. Digital asset infrastructure firm BitGo (BTGO) surged 10%, while Cantor Equity Partners II (CEPT), which plans to merge with BlackRock-backed tokenization firm Securitize, gained 4.3%.

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2026-05-09 00:00