SEC Chair’s support for onchain finance rules and strong labor data boosted risk appetite, lifting crypto-linked equities and altcoins.
Coinbase shares rebounded 10% from session lows Friday as altcoins surged and bitcoin held above $80,000. The rally followed SEC Chair Paul Atkins’ signals of support for rules around onchain trading and blockchain settlement infrastructure, fueling optimism in digital asset markets.
Altcoins, including ICP, NEAR, and UNI, outperformed bitcoin, while Solana and Chainlink also posted gains. The tech-heavy Nasdaq climbed 2.2% to a record high, and the S&P 500 rose 0.85%, supported by stronger-than-expected U.S. jobs data. April payrolls added 115,000 jobs, exceeding forecasts of 62,000.
Despite Coinbase reporting a $398 million quarterly loss and softer trading activity, analysts highlighted long-term tailwinds from stablecoin adoption and regulatory clarity. The rebound in crypto-linked equities aligned with broader market strength and renewed risk appetite.