The S&P 500 achieved a new record high, while bitcoin approached the $80,000 mark earlier on Saturday. The cryptocurrency traded at $78,180 in Asian hours, marking a 0.8% weekly increase and recovering from a Wednesday low of $75,500, which was triggered by reports of Iran's military escalation.
The recovery coincided with news of Tehran's proposed ceasefire, relayed to Washington through Pakistan, resulting in a 3% decline in WTI crude to approximately $102 per barrel. Equities experienced a strong week, with the S&P 500 closing 0.3% higher on Friday, marking its fifth consecutive weekly gain, driven by robust tech earnings.
The Nasdaq 100 also reached a record high, advancing 0.9%, with Apple and Oracle making significant gains. A significant development in crypto policy was the Senate's release of the Clarity Act compromise, resolving months of negotiations between crypto firms and bank lobbyists.
The agreement bans stablecoin issuers from offering yield-based rewards but preserves activity-based incentives. Coinbase expressed support for the compromise, and a Senate Banking Committee hearing can now proceed, paving the way for the legislation's advancement. The Treasury and CFTC will have a year to establish detailed rules for crypto firms after the bill becomes law.
According to Daniel Reis-Faria, CEO of ZeroStack, bitcoin's range-bound trading reflects broader macroeconomic uncertainty rather than crypto-specific weakness, citing ETF outflows and softer demand as symptoms. Other major cryptocurrencies were mixed, with Ether, XRP, and Solana remaining relatively flat, while Dogecoin surged nearly 10% to $0.105, with futures open interest reaching a year-high.
The market setup heading into next week remains unchanged, with bitcoin requiring a fresh catalyst to break decisively above $78,000, and potential sources, including Fed clarity and ETF re-acceleration, remaining outside the market's control.