The S&P 500 achieved a new 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 military escalation in Iran. However, the bounce occurred alongside 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 strong 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 robust tech mega-cap earnings. 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 news of its collaboration with the Pentagon's classified networks on AI projects. A significant development in the crypto sector was the release of the long-negotiated Clarity Act compromise text by the Senate, ending months of discussions 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 platform activity. Coinbase, a central figure in the negotiations, expressed support for the language, with Chief Legal Officer Paul Grewal stating that it '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 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, pointing to ETF outflows and softer demand as symptoms.
Reis-Faria emphasized that this does not signify institutions' departure from the market but rather a temporary pause in increasing their exposure. If institutional investment or ETF flows resume, Bitcoin can quickly move higher. Other major cryptocurrencies were mixed, with Ether holding at $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat for the week.
Dogecoin stood out, gaining nearly 10% to $0.105, with futures open interest reaching a year-high earlier in the week. The market setup heading into 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.