The S&P 500 achieved another record high, while Bitcoin briefly approached the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours, posting a 0.8% weekly gain and recovering from a Wednesday low of approximately $75,500, which was triggered by reports of fresh military escalation in Iran. The recovery coincided with Friday's news that Tehran had proposed a new ceasefire to Washington via Pakistan, resulting in a nearly 3% drop in WTI crude to around $102 per barrel.
Equities experienced a stronger 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 mega-caps. The Nasdaq 100 advanced 0.9% to a record high, with Apple rising 3.2% after exceeding revenue expectations and Oracle climbing 6.5% following the announcement of its partnership with the Pentagon's classified networks. A significant development in crypto policy occurred with the Senate's release of the long-negotiated Clarity Act compromise text on Friday, concluding months of negotiations between crypto firms and bank lobbyists.
The agreement, brokered 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, a central figure 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, which is what the bank lobby said they wanted.' A markup, the Senate Banking Committee hearing 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 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 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 for the week.
Dogecoin stood out, rising nearly 10% to $0.105, with futures open interest reaching a year-high earlier in the week. The outlook heading into the next week remains the same as it has all month, 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, remaining outside the market's control.