The S&P 500 achieved another record high, while Bitcoin made a notable attempt to reach the $80,000 level earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours, marking a 0.8% weekly increase and recovering from a Wednesday low near $75,500, which was triggered by reports of fresh Iran military escalation. However, the bounce occurred alongside Friday's reports that Tehran had proposed a new ceasefire to Washington through Pakistan, resulting in a nearly 3% drop 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 tech mega-cap earnings.
The Nasdaq 100 advanced 0.9% to a record high, with Apple gaining 3.2% after exceeding revenue outlook expectations and Oracle climbing 6.5% following news of its partnership with the Pentagon's classified networks. A significant crypto development occurred on the policy front, as the Senate released the long-negotiated Clarity Act compromise text on Friday, ending months of negotiations between crypto firms and bank lobbyists.
The agreement bans stablecoin issuers from offering yield based solely on holding reserves but preserves activity-based reward programs that crypto firms use as incentives for platform participation. Coinbase, a central figure in the talks, expressed support, with 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.' A markup, the Senate Banking Committee hearing where the bill will be formally debated and amended, can now proceed, clearing 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 around 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 indecision rather than crypto-specific weakness, pointing to ETF outflows and softer demand as symptoms. Reis-Faria stated, '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 close to flat on the week.
Dogecoin stood out, increasing nearly 10% on the week to $0.105, with futures open interest reaching a year-high earlier in the week. The setup heading into next week remains the same as it has all month, 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.