The S&P 500 achieved another record high, while Bitcoin made a notable attempt to reach the $80,000 level earlier on Saturday. As of Asian hours on Saturday, the largest cryptocurrency traded at $78,180, marking a 0.8% weekly increase and a recovery from Wednesday's low near $75,500, which was triggered by reports of fresh military escalation in Iran. The rebound coincided with 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 stronger 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 robust earnings from tech mega-caps.
The Nasdaq 100 advanced 0.9% to a record high, with Apple gaining 3.2% after exceeding revenue expectations and Oracle climbing 6.5% following news of its collaboration with the Pentagon's classified networks. A significant development in crypto policy occurred with the Senate's release of the long-negotiated Clarity Act compromise text, ending months of negotiations 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 platform activity.
Coinbase expressed support for the agreement, with Chief Legal Officer Paul Grewal stating that it 'preserves activity-based rewards tied to real participation on crypto platforms and networks.' The Senate Banking Committee can now proceed with a markup, clearing the way for the legislation to advance further in the Senate. The Treasury and CFTC will have a year to establish detailed rules for crypto firms regarding yield products once the bill becomes law.
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 suggested that institutions are not leaving the market but rather not increasing their exposure, and that if money returns, especially from institutions or through ETFs, Bitcoin can move higher quickly. 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 for the next week remains unchanged, with Bitcoin requiring a fresh 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.