The S&P 500 achieved a new record high, while bitcoin briefly approached the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 in Asian hours, up 0.8% for the week, recovering from a Wednesday low near $75,500 that followed reports of increased military activity in Iran. However, the recovery came as Tehran 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, marking its fifth consecutive weekly gain, driven by robust earnings from tech giants.
The Nasdaq 100 also reached a record high, advancing 0.9%, as Apple's revenue outlook and Oracle's partnership with the Pentagon's classified networks drove their stocks up 3.2% and 6.5%, respectively. A significant development in crypto policy was the Senate's release of the long-negotiated Clarity Act compromise, ending months of discussions between crypto firms and bank lobbyists. The agreement bans stablecoin issuers from offering yield-based products tied solely to reserve holdings but preserves reward programs linked to platform activity. Coinbase expressed support for the compromise, stating it aligns with the bank lobby's goals.
The Senate Banking Committee can now proceed with the bill, paving the way for its advancement 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.
He emphasized that institutions are not leaving the market but rather not increasing their exposure, suggesting that if money returns, especially from institutions or ETFs, bitcoin could move higher quickly. Other major cryptocurrencies were mixed, with Ether, XRP, and Solana trading near flat for the week, while Dogecoin stood out with a nearly 10% gain and a year-high in futures open interest.
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.