The S&P 500 achieved a new record high, while Bitcoin made a notable attempt to reach the $80,000 mark earlier on Saturday. On Saturday in Asian trading hours, the largest cryptocurrency was valued at $78,180, representing a 0.8% weekly increase and a recovery from a Wednesday low of approximately $75,500, which was triggered by reports of escalated military activity in Iran.
The rebound coincided with reports on Friday that Tehran had proposed a new ceasefire through Pakistan to Washington, resulting in a nearly 3% decline in WTI crude to around $102 per barrel. Equities experienced a more favorable week. The S&P 500 closed 0.3% higher on Friday, reaching an all-time high and marking its fifth consecutive weekly gain, driven by strong earnings from tech giants. The Nasdaq 100 advanced 0.9% to a record high.
Apple's stock rose 3.2% following a better-than-expected revenue outlook, while Oracle climbed 6.5% after announcing its collaboration with the Pentagon's classified networks as an AI firm. A significant development in the crypto space was the policy advancement.
The Senate released the long-awaited Clarity Act compromise text on Friday, concluding months of negotiations between cryptocurrency 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 allows activity-based reward programs that cryptocurrency firms use as incentives for platform usage. Coinbase, a central 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, which is what the bank lobby said they wanted." The markup, a 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 the CFTC will have a year after the bill becomes law to establish detailed rules regarding what cryptocurrency firms can and cannot do with yield products.
Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, noted in a statement that Bitcoin's range-bound trading reflects broader macroeconomic indecision rather than crypto-specific weakness. Reis-Faria cited ETF outflows and softer demand as symptoms. "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. Ether maintained $2,310, XRP was at $1.39, and Solana was at $84.57, all relatively flat for the week. Dogecoin stood out with a nearly 10% weekly increase to $0.105, as futures open interest reached a year-high earlier in the week.
The setup heading into next week remains the same as it has been all month. Bitcoin requires a fresh catalyst to break decisively above $78,000, and the most likely sources, such as Fed clarity, ETF re-acceleration, or a Hormuz reopening, are outside the market's control.