The S&P 500 closed at a record high, while bitcoin briefly approached the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours, up 0.8% for the week, recovering from a Wednesday low of approximately $75,500 triggered by reports of Iran's military escalation. The recovery coincided with Friday's news of Tehran's proposed ceasefire, relayed to Washington through Pakistan, which led to a nearly 3% drop in WTI crude prices to around $102 per barrel. Equities experienced a strong week, with the S&P 500 closing 0.3% higher on Friday, marking its fifth consecutive weekly gain, driven by robust earnings from tech giants.
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 cryptocurrency policy occurred with the Senate's release of the long-awaited Clarity Act compromise text, ending months of negotiations between cryptocurrency firms and banking lobbyists. The agreement, negotiated by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield solely based on reserve holdings but preserves reward programs tied to platform activity.
Coinbase expressed support for the language, stating it preserves activity-based rewards for real participation on cryptocurrency platforms. The Senate Banking Committee can now proceed with a markup, clearing the way for the legislation to advance further. The Treasury and CFTC will have a year to establish detailed rules for cryptocurrency firms after the bill becomes law.
Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, noted that bitcoin's range-bound trading reflects broader macro uncertainty rather than cryptocurrency-specific weakness. Reis-Faria pointed to ETF outflows and softer demand as symptoms, stating that institutions are not leaving the market but rather not increasing their exposure. If money returns to the market, especially from institutions or through ETFs, bitcoin can move higher quickly.
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% for the week to $0.105, with futures open interest reaching a year-high earlier in the week. The setup for the upcoming week remains the same as it has all month, with bitcoin requiring a fresh catalyst to break above $78,000 decisively, and potential sources such as Fed clarity, ETF re-acceleration, or a Hormuz reopening remaining outside the market's control.