The S&P 500 achieved a new record high, while bitcoin made a push towards the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours on Saturday, marking a 0.8% weekly increase and a recovery from a Wednesday low of nearly $75,500, which was triggered by reports of fresh military escalation in Iran. The rebound coincided with Friday's news that Tehran had proposed a new ceasefire to Washington through Pakistan, causing WTI crude to drop almost 3% to around $102 per barrel. Equities experienced a stronger 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 earnings from tech mega-caps.
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 the announcement that it would collaborate with the Pentagon's classified networks on AI projects. A significant development in the crypto space was the policy breakthrough. The Senate released the long-awaited Clarity Act compromise text on Friday, concluding 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 reserve holdings but preserves reward programs tied to platform activity, which crypto firms use as incentives for user participation.
Coinbase, a key player in the negotiations, 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.' A markup, 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 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 attributed this to ETF outflows and softer demand, stating, 'It doesn't mean institutions are leaving the market, it just means they're not increasing their exposure right now.
If money starts flowing 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 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 past month, 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, lying outside the market's control.