The S&P 500 has achieved a new record high, while bitcoin briefly approached the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 in Asian markets on Saturday, representing a 0.8% weekly increase and a recovery from a Wednesday low of approximately $75,500, which was triggered by reports of escalating military tensions in Iran. The rebound coincided with reports on Friday that Tehran had proposed a new ceasefire through Pakistan, resulting in a nearly 3% decline 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 to reach an all-time high, 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% following a better-than-expected revenue outlook and Oracle climbing 6.5% after announcing its collaboration with the Pentagon's classified networks on AI projects.
A significant development in the crypto space was the release of the long-negotiated Clarity Act compromise text by the Senate on Friday, which concluded months of negotiations between crypto firms and banking lobbyists. The agreement, negotiated 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, which crypto firms use as incentives for platform participation. Coinbase, a key player in the negotiations, expressed support for the agreement, with its 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." 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. Reis-Faria pointed to ETF outflows and softer demand as symptoms, stating, "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 relatively flat on the week. Dogecoin stood out, gaining nearly 10% on the week 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 from the past month, with bitcoin requiring a new catalyst to break decisively above $78,000, and the most likely sources, including Fed clarity, ETF re-acceleration, or a Hormuz reopening, remain outside the market's control.