The S&P 500 achieved a new record high, while Bitcoin made a notable attempt to reach the $80,000 level 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 reports 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 more successful week, with the S&P 500 closing 0.3% higher on Friday to reach an all-time high, marking its fifth consecutive weekly gain driven by strong earnings from tech mega-caps.
The Nasdaq 100 advanced 0.9% to a record high, with Apple gaining 3.2% following a better-than-expected revenue outlook and Oracle climbing 6.5% after announcing its collaboration with the Pentagon's classified networks. A significant development in the crypto space was the policy advancement. The Senate released the long-negotiated Clarity Act compromise text on Friday, concluding months of negotiations between crypto firms and bank lobbyists. The agreement, negotiated by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield solely based on holding reserves but preserves reward programs tied to activity, which crypto firms use as incentives for platform usage.
Coinbase, a central figure in the discussions, 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. 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 uncertainty 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 currently.
If money starts flowing back in, especially from institutions or through ETFs, Bitcoin can move higher relatively quickly." Other major cryptocurrencies were mixed, with Ether holding at $2,310, XRP at $1.39, and Solana at $84.57, all close to flat for the week. Dogecoin was the standout, 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 – lie outside the market's control.