The S&P 500 achieved a new record high, while Bitcoin briefly approached the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours, posting a 0.8% weekly gain and recovering from a Wednesday low of approximately $75,500, which was triggered by reports of fresh military escalation in Iran. The subsequent rebound coincided with Friday's reports of Tehran proposing a new ceasefire to Washington via 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 to reach 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 a record high, with Apple gaining 3.2% following a better-than-expected revenue outlook and Oracle climbing 6.5% after joining the list of AI firms collaborating with the Pentagon's classified networks. A significant development in crypto policy emerged with the Senate releasing the long-negotiated Clarity Act compromise text on Friday, concluding months of negotiations between crypto firms and bank lobbyists.
The agreement, brokered by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield based solely on holding reserves but preserves activity-based reward programs that crypto firms use as incentives for platform usage. Coinbase, a central player in the talks, 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 demands." The markup, a Senate Banking Committee hearing where the bill will be formally debated and amended, can now proceed, paving the way for the legislation to advance further in the Senate. The Treasury and CFTC will have a year after the bill becomes law to establish detailed rules governing 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, citing ETF outflows and softer demand as symptoms. Reis-Faria emphasized that this does not indicate institutions are leaving the market but rather that they are not increasing their exposure at present.
If institutional investment returns, especially through ETFs, Bitcoin can rapidly move higher. Other major cryptocurrencies were mixed, with Ether holding near $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat for the week.
Dogecoin stood out, gaining nearly 10% for 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 prevailing trend this month, with Bitcoin requiring a new catalyst to break decisively above $78,000, and potential sources such as Fed clarity, ETF re-acceleration, or a Hormuz reopening remaining outside the market's control.