The S&P 500 achieved another record high, while bitcoin made a notable attempt to reach the $80,000 mark earlier on Saturday. The largest cryptocurrency was trading at $78,180 during Asian hours on Saturday, marking a 0.8% increase over the week, and recovering from a Wednesday low near $75,500 that was triggered by reports of fresh military escalation in Iran. The rebound coincided with Friday's reports that Tehran had proposed a new ceasefire to Washington through Pakistan, resulting in a nearly 3% decline in WTI crude prices to around $102 per barrel.
Equities experienced a more successful week, with the S&P 500 closing 0.3% higher on Friday at an all-time high, marking its fifth consecutive weekly gain, driven by strong earnings from tech giants. The Nasdaq 100 advanced 0.9% to set a new record, with Apple gaining 3.2% after exceeding revenue expectations, and Oracle climbing 6.5% following the announcement that it had joined the list of AI firms collaborating with the Pentagon's classified networks. A significant development in the crypto space was the release of the long-negotiated Clarity Act compromise text by the Senate on Friday, which concluded months of negotiations between crypto firms and bank lobbyists.
The agreement, facilitated by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield solely based on holding reserves but preserves reward programs tied to actual participation on crypto platforms. Coinbase, a key player in the negotiations, expressed support for the compromise, with its Chief Legal Officer, Paul Grewal, stating that the language 'preserves activity-based rewards tied to real participation on crypto platforms and networks, which is what the bank lobby said they wanted.' The Senate Banking Committee can now proceed with a markup, formally debating and amending the bill, which paves the way for the legislation to advance further in the Senate. The Treasury and the CFTC will have a year after the bill becomes law to establish detailed rules regarding what crypto firms can and cannot do with yield products. Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, noted that bitcoin's range-bound trading reflects broader macro uncertainty rather than crypto-specific weakness.
Reis-Faria attributed this to ETF outflows and softer demand, stating, 'It doesn't mean institutions are leaving the market, it just means they're not increasing their exposure right now. If money starts coming back in, especially from institutions or through ETFs, Bitcoin can move higher pretty quickly.' Other major cryptocurrencies were mixed, with Ether holding at $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat over the week. Dogecoin stood out, increasing nearly 10% over the week to $0.105, with futures open interest reaching a year-high earlier in the week. The setup heading into the next week remains unchanged, with bitcoin requiring a fresh catalyst to break decisively above $78,000, and the most likely sources, including Fed clarity, ETF re-acceleration, or a Hormuz reopening, remaining outside the market's control.