As bitcoin holds above $80,000 and stocks hit new record highs, risk appetite spread deeper into crypto markets on Friday, lifting altcoins and blockchain infrastructure plays.
Solana (SOL), Chain Link , And rose about 5%, while Near Protocol (NEAR) and Uniswap (UNI) gained about 7%. Internet Computer Protocol’s ICP jumped nearly 12%, leading the majors higher.
The move came alongside another strong session for stocks. The tech-heavy Nasdaq climbed 2.2% to new records, while the S&P 500 added 0.85%, also closing at an all-time high.
US labor market data published on Friday reinforced this constructive context. The economy added 115,000 jobs in April, well above expectations of 62,000, while the unemployment rate remained stable at 4.3%.
Cryptocurrency-related stocks also rebounded, led by Coinbase (COIN). Shares of the cryptocurrency exchange recovered 10% from session lows after Thursday’s earnings report showed a quarterly loss of $398 million with slower trading activity. The company’s trading platform also suffered a multi-hour outage early Friday due to an AWS outage that was later fully resolved.
Despite the weak quarter, several Wall Street analysts focused on long-term tailwinds related to stablecoins and crypto regulation.
This narrative gained momentum after SEC Chairman Paul Atkins said Friday that the agency is considering new rules regarding blockchain-based on-chain trading systems, crypto custody infrastructure and settlement rails, as finance increasingly converges with AI and distributed ledger technology.
Atkins also reiterated his support for Congressional efforts to advance crypto market structure legislation, commenting on investors seen as supportive of tokenization and blockchain-based financial infrastructure.
The theme generated gains on associated stocks. Bullish (BLSH), the parent company of CoinDesk, which announced an intensification of tokenization this week, rose 6%. Digital asset infrastructure company BitGo (BTGO) jumped 10%, while Cantor Equity Partners II (CEPT), which plans to merge with BlackRock-backed tokenization company Securitize, gained 4.3%.
