The S&P 500 achieved a new record high, while Bitcoin made a notable attempt to reach the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours on Saturday, marking a 0.8% weekly increase and recovering from a Wednesday low of approximately $75,500, which was triggered by reports of fresh Iran military escalation.
The recovery 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 strong 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% following news of its collaboration with the Pentagon's classified networks. A significant crypto development occurred on the policy front, as the Senate released the long-negotiated Clarity Act compromise text on Friday, ending 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 actual platform participation. Coinbase, a key player in the talks, 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, which is what the bank lobby said they wanted." 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 to establish detailed rules for crypto firms' yield products after the bill becomes law. Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, noted that Bitcoin's range-bound trading reflects broader macro uncertainty rather than crypto-specific weakness, citing ETF outflows and softer demand as symptoms. Reis-Faria emphasized that this does not indicate institutions are leaving the market, but rather that they are not increasing their exposure at present.
If institutional investment or ETF demand returns, Bitcoin can move higher 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 market setup heading into next week remains unchanged, with Bitcoin requiring a fresh catalyst to break decisively above $78,000, and potential sources such as Fed clarity, ETF re-acceleration, or a Hormuz reopening remaining outside the market's control.