The S&P 500 achieved another record high, while Bitcoin attempted to reach the $80,000 mark earlier on Saturday. In Asian trading hours on Saturday, 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 fresh military escalation in Iran. The rebound coincided with Friday's news that Tehran had proposed a new ceasefire to Washington through Pakistan, resulting in a nearly 3% decline 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 new record, with Apple gaining 3.2% after exceeding revenue expectations and Oracle climbing 6.5% following the announcement of its collaboration with the Pentagon's classified networks on AI projects. A significant development in the crypto space was the policy agreement reached by the Senate.
On Friday, the Senate released the long-negotiated compromise text of the Clarity Act, ending months of discussions between crypto firms and bank lobbyists. The agreement, brokered by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield solely based on holding reserves but allows activity-based reward programs that crypto firms use as incentives for platform usage.
Coinbase, a central player in the negotiations, 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." 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. Upon the bill becoming law, the Treasury and the CFTC will have a year to establish detailed rules governing what crypto 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 macro uncertainty rather than crypto-specific weakness. Reis-Faria cited ETF outflows and softer demand as symptoms, stating, "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, with Ether holding at $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat for the week. Dogecoin stood out, 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.
Bitcoin requires a fresh catalyst to break decisively above $78,000, and the most likely sources – Fed clarity, ETF re-acceleration, or a Hormuz reopening – are all outside the market's control.