The S&P 500 achieved a new record high, while Bitcoin briefly approached the $80,000 mark earlier on Saturday. By Asian hours on Saturday, the largest cryptocurrency was trading at $78,180, marking a 0.8% weekly increase and a recovery from Wednesday's low of nearly $75,500, triggered by reports of military escalation in Iran.
The rebound coincided with news of Tehran's proposed ceasefire, relayed to Washington through Pakistan, leading to a 3% drop in WTI crude to approximately $102 per barrel. Equities experienced a stronger week, with the S&P 500 closing 0.3% higher on Friday at an all-time high, driven by robust tech earnings. The Nasdaq 100 advanced 0.9% to a record high, fueled by gains in Apple and Oracle. A significant development in cryptocurrency policy occurred with the Senate's release of the Clarity Act compromise, banning stablecoin issuers from offering yield-based products tied solely to reserve holdings, while preserving rewards programs for platform activity.
The agreement paves the way for the Senate Banking Committee to proceed with the bill. According to Daniel Reis-Faria, CEO of ZeroStack, Bitcoin's range-bound trading reflects broader macroeconomic uncertainty rather than cryptocurrency-specific weakness, citing ETF outflows and softer demand as contributing factors.
Other major cryptocurrencies showed mixed results, with Ether, XRP, and Solana trading near flat, while Dogecoin surged nearly 10% to $0.105, driven by a year-high in futures open interest.