Coinbase rebounds as altcoins surge with bitcoin holding above $80,000
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Coinbase shares rose 10% from session lows after Thursday’s earnings report showed a $398 million quarterly loss and a brief AWS outage.
- Altcoins outperformed Bitcoin, with ICP, NEAR and UNI posting the largest gains while Bitcoin stayed above $80,000.
- Paul Atkins indicated the agency is weighing new rulemaking for on‑chain trading, crypto custody and blockchain settlement, and backed congressional crypto‑market‑structure legislation.
- Nasdaq climbed 2.2% to a fresh record high while the S&P 500 added 0.85%, buoyed by U.S. labor data showing 115,000 jobs added and unemployment at 4.3%.
- CME Group plans to launch Bitcoin volatility futures on June 1, pending regulatory approval, expanding regulated crypto‑derivatives options.
Why it matters: Institutional investors gain a new hedging tool as CME’s Bitcoin volatility futures launch on June 1, while crypto‑exchange shareholders see a 10% share bounce, reinforcing market confidence.
