The S&P 500 achieved another record high, while bitcoin made a notable attempt to reach the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours on Saturday, marking a 0.8% weekly increase and recovering from a Wednesday low of approximately $75,500, which was triggered by reports of fresh military escalation in Iran. However, the bounce occurred alongside Friday's reports that Tehran had proposed a new ceasefire to Washington through 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 at 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 gaining 3.2% after exceeding revenue expectations and Oracle climbing 6.5% following news of its collaboration with the Pentagon's classified networks on AI projects. A significant development in the crypto space was the policy announcement.
The Senate released the long-awaited Clarity Act compromise text on Friday, concluding months of negotiations between crypto firms and bank lobbyists. The agreement, negotiated by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield purely based on holding reserves but preserves reward programs tied to activity, which crypto firms use as incentives for platform usage. Coinbase, a central figure in the talks, immediately expressed support, with Chief Legal Officer Paul Grewal stating that the language 'preserves activity-based rewards tied to real participation on crypto platforms and networks, aligning with the bank lobby's demands.' A markup, the Senate Banking Committee hearing where the bill is 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 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 flowing back in, especially from institutions or through ETFs, Bitcoin can 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 was the standout, increasing nearly 10% for the week to $0.105, with futures open interest reaching a year-high earlier in the week.
The setup heading into the next week remains the same as it has been all month, with Bitcoin requiring a fresh catalyst to break decisively above $78,000. The most likely sources of this catalyst, including Fed clarity, ETF re-acceleration, or a Hormuz reopening, are currently outside the market's control.