The S&P 500 achieved a new record high, while Bitcoin briefly touched the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours, representing a 0.8% weekly increase, recovering from a Wednesday low of approximately $75,500 that followed reports of heightened military tensions in Iran. The recovery coincided with news that Tehran had proposed a new ceasefire through Pakistan, leading to a nearly 3% decline in WTI crude prices to around $102 per barrel. The equities market fared better, with the S&P 500 closing 0.3% higher on Friday, marking its fifth consecutive weekly gain, driven by strong earnings from tech giants.
The Nasdaq 100 also reached a record high, with Apple and Oracle experiencing significant gains. A major development in the crypto space was the release of the Clarity Act compromise text, which bans stablecoin issuers from offering yield-based products but preserves activity-based reward programs. The agreement paves the way for the legislation to advance in the Senate, with a markup and potential amendments forthcoming. Industry leaders, including Coinbase, have expressed support for the compromise, citing the preservation of activity-based rewards.
Analysts believe that Bitcoin's range-bound trading reflects broader macroeconomic uncertainty rather than crypto-specific weakness, with institutions and ETFs poised to drive future growth. Other major cryptocurrencies, including Ether, XRP, and Solana, remained relatively flat, while Dogecoin experienced a significant surge. As the market looks to the upcoming week, a fresh catalyst is needed to propel Bitcoin above $78,000, with potential drivers including Fed clarity, ETF re-acceleration, or a Hormuz reopening.