The S&P 500 achieved a new record high, while Bitcoin approached the $80,000 mark earlier on Saturday. Trading at $78,180 in Asian hours, Bitcoin saw a 0.8% weekly increase, rebounding from a Wednesday low of $75,500 triggered by reports of Iran's military escalation. The recovery coincided with news of Tehran's proposed ceasefire, which led to 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, with Apple and Oracle seeing significant gains. A major crypto development emerged on the policy front, as the Senate released the Clarity Act compromise, banning stablecoin issuers from offering yield purely based on holding reserves while preserving activity-based reward programs. Coinbase expressed support, and the agreement paves the way for the legislation to advance. Meanwhile, experts attribute Bitcoin's range-bound trading to broader macro uncertainty rather than crypto-specific weakness, citing ETF outflows and softer demand.
Other major cryptocurrencies showed mixed results, with Dogecoin standing out with a nearly 10% weekly increase. The market setup heading into next week remains unchanged, with Bitcoin requiring a fresh catalyst to break above $78,000, and potential sources including Fed clarity, ETF re-acceleration, or a Hormuz reopening.