The S&P 500 reached a new record high, while Bitcoin briefly approached the $80,000 mark earlier on Saturday. The cryptocurrency traded at $78,180 in Asian markets, representing a 0.8% weekly increase, and recovering from a Wednesday low of approximately $75,500 triggered by reports of heightened military tensions in Iran. The rebound coincided with news of a potential ceasefire proposal from Tehran to Washington via Pakistan, resulting in a nearly 3% decline in WTI crude prices to around $102 per barrel.
The equity market 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 giants. The Nasdaq 100 also reached a record high, advancing 0.9%, with Apple and Oracle experiencing significant gains of 3.2% and 6.5%, respectively. A major development in the crypto space was the release of the long-awaited Clarity Act compromise text by the Senate, which concluded months of negotiations between crypto firms and banking lobbyists. The agreement, crafted 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.
This move was immediately supported by Coinbase, with its Chief Legal Officer, Paul Grewal, stating that the language preserves rewards tied to real participation on crypto platforms. The Senate Banking Committee can now proceed with a markup, paving the way for the legislation to advance in the Senate. The Treasury and CFTC will have a year to establish detailed rules for crypto firms after the bill becomes law.
Meanwhile, ZeroStack CEO Daniel Reis-Faria 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 suggested that institutions are not leaving the market but rather not increasing their exposure, and that if money starts flowing back in, especially from institutions or ETFs, Bitcoin could move higher 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 with a nearly 10% weekly gain to $0.105, with futures open interest reaching a year-high earlier in the week. The market setup heading into the next week remains unchanged, 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 remaining outside the market's control.