Coinbase and major altcoins surged on Friday as Bitcoin held above $80,000, buoyed by SEC Chair Paul Atkins signaling regulatory openness to onchain finance infrastructure and stronger-than-expected U.S. jobs data. The exchange operator climbed 10% from session lows while Internet Computer Protocol (ICP) gained 12%, Near Protocol and Uniswap each added 7%, and Solana, Chainlink, Sui, and Polkadot all rose 5%. The rally came despite Coinbase’s Thursday earnings miss and a platform outage that morning.
Atkins Signals Shift on Crypto Market Structure
SEC Chair Paul Atkins indicated the agency is weighing new rulemaking around onchain trading systems, crypto custody infrastructure, and blockchain-based settlement rails. Atkins reiterated support for congressional crypto market structure legislation, a position that contrasts with prior regulatory skepticism toward decentralized finance infrastructure. The comments signaled potential pathways for tokenization firms like Securitize and BitGo to expand custody and settlement services. BitGo shares rose 10% on the regulatory tailwind, while tokenization-focused Bullish gained 6%.
Labor Data Lifts Risk Appetite Across Markets
The U.S. jobs report released Friday showed 115,000 positions added in April, well below the expected 62,000, yet the broader labor market remains resilient with unemployment at 4.3%. The data supported equity risk appetite, with Nasdaq rising 2.2% to record highs and the S&P 500 climbing 0.85% to all-time highs. Cantor Equity Partners II (CEPT), a crypto-linked investment vehicle, rose 4.3%. The combined effect of regulatory optimism and macro stability pushed capital into both established and emerging crypto assets.
Coinbase Recovers Despite Thursday Headwinds
Coinbase reported a $398 million quarterly loss Thursday and experienced a platform outage Friday morning due to an AWS failure that lasted several hours. Despite these operational setbacks, the exchange rebounded sharply on the regulatory and macro backdrop. The divergence between operational friction and market momentum suggests investor focus has shifted to longer-term regulatory clarity rather than near-term execution risk. Whether Atkins’ openness translates into formal rulemaking by year-end remains the critical variable for sustained momentum.
