The S&P 500 achieved a new record high, while Bitcoin attempted to reach the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 in Asian hours, up 0.8% for the week, recovering from a Wednesday low near $75,500 triggered by reports of Iran's military escalation. The recovery coincided with reports of Tehran's new ceasefire proposal to Washington through Pakistan, leading to a 3% drop in WTI crude 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 tech mega-cap earnings.
The Nasdaq 100 advanced 0.9% to a record high, with Apple gaining 3.2% after exceeding revenue expectations and Oracle climbing 6.5% on news of its collaboration with the Pentagon's classified networks. A significant development in crypto policy was the Senate's release of the long-negotiated Clarity Act compromise text, ending months of negotiations between crypto firms and bank lobbyists. The agreement would prohibit stablecoin issuers from offering yield based solely on holding reserves but preserves activity-based reward programs. Coinbase expressed support for the language, stating it 'preserves activity-based rewards tied to real participation on crypto platforms and networks.' A markup can now proceed, paving the way for the legislation to advance further in the Senate.
The Treasury and CFTC will have a year to establish detailed rules around crypto firms' yield products after 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 stated, '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 $2,310, XRP at $1.39, and Solana at $84.57, all close to flat for the week. Dogecoin stood out, up nearly 10% for the week to $0.105, with futures open interest hitting a year-high earlier in the week. The setup heading into next week remains the same, with Bitcoin requiring a fresh 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.