The S&P 500 achieved another record high, while Bitcoin made a notable attempt to reach the $80,000 level earlier on Saturday. In Asian trading hours on Saturday, the largest cryptocurrency was valued at $78,180, representing a 0.8% increase over the week, and recovering from a Wednesday low of approximately $75,500, which 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 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 mega-caps.
The Nasdaq 100 advanced 0.9% to reach its own 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, concluding months of discussions between crypto firms and bank lobbyists.
The agreement, negotiated by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield based solely on holding reserves but preserves reward programs tied to actual platform activity, which crypto firms use as incentives for platform engagement. Coinbase, a central player in the negotiations, expressed immediate support, with Chief Legal Officer Paul Grewal stating that the language "preserves activity-based rewards tied to real participation on crypto platforms and networks, aligning with the bank lobby's requirements." The Senate Banking Committee can now proceed with a markup, the formal debate and amendment of the bill, paving the way for the legislation to advance further in the Senate. Upon the bill becoming law, the Treasury and CFTC will have a year to establish detailed rules governing the use of yield products by crypto firms. Daniel Reis-Faria, CEO of ZeroStack, noted in a statement that Bitcoin's range-bound trading reflects broader macro uncertainty rather than crypto-specific weakness.
Reis-Faria pointed to ETF outflows and softer demand as indicators, stating, "It doesn't signify institutions are exiting the market; it merely indicates they're not increasing their exposure currently. If money starts flowing back in, especially from institutions or through ETFs, Bitcoin can move higher relatively quickly." Other major cryptocurrencies were mixed, with Ether holding at $2,310, XRP at $1.39, and Solana at $84.57, all remaining relatively flat over the week. Dogecoin stood out, gaining nearly 10% over the week to $0.105, with futures open interest reaching a year-high earlier in the week. The outlook heading into the next week remains unchanged from the current month.
Bitcoin requires a fresh catalyst to break decisively above $78,000, and the most likely sources – Fed clarity, ETF re-acceleration, or a Hormuz reopening – remain outside the market's control.