The S&P 500 achieved a new record high, while Bitcoin made another attempt to reach the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 in Asian hours on Saturday, marking a 0.8% weekly increase and a recovery from a Wednesday low of nearly $75,500, which was triggered by reports of fresh Iran military escalation. The rebound coincided with 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 tech mega-cap earnings.
The Nasdaq 100 advanced 0.9% to a record high, with Apple gaining 3.2% after exceeding revenue expectations and Oracle climbing 6.5% on news of its collaboration with the Pentagon's classified networks. A significant development in crypto policy was the Senate's release of the long-negotiated Clarity Act compromise text on Friday, ending months of negotiations between crypto firms and bank lobbyists. The agreement, reached by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield based solely on holding reserves but preserves activity-based reward programs that crypto firms use as incentives for platform usage.
Coinbase, a central figure in the negotiations, expressed immediate support, with Chief Legal Officer Paul Grewal stating that the language 'preserves activity-based rewards tied to real participation on crypto platforms and networks, which is what the bank lobby said they wanted.' 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 indecision rather than crypto-specific weakness. Reis-Faria pointed to 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, gaining nearly 10% for the week to $0.105, with futures open interest reaching a year-high earlier in the week.
The setup heading into next week remains the same as it has all month, with Bitcoin requiring a fresh catalyst to break decisively above $78,000, and the most likely sources, including Fed clarity, ETF re-acceleration, or a Hormuz reopening, remaining outside the market's control.