The S&P 500 achieved another 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, marking a 0.8% weekly increase and a recovery from a Wednesday low of approximately $75,500, which was triggered by reports of fresh Iran military escalation. The rebound coincided with Friday's news 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 impressive tech mega-cap earnings. The Nasdaq 100 also 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 development in the crypto space was the release of the long-negotiated Clarity Act compromise text by the Senate, which concluded months of negotiations between crypto firms and bank lobbyists. The agreement, crafted by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield solely based on holding reserves but allows activity-based reward programs that crypto firms use as incentives for platform participation.
Coinbase, a central figure in the talks, expressed support for the language, with Chief Legal Officer Paul Grewal stating that it "preserves activity-based rewards tied to real participation on crypto platforms and networks, aligning with the bank lobby's demands." The Senate Banking Committee can now proceed with a markup, formally debating and amending the bill, which paves the way for the legislation to advance further in the Senate. The Treasury and CFTC will have a year to establish detailed rules regarding 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 inflows resume, Bitcoin could move higher quickly. Other major cryptocurrencies were mixed, with Ether stabilizing at $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat for the week.
Dogecoin stood out with a nearly 10% weekly gain to $0.105, accompanied by a year-high in futures open interest earlier in the week. The outlook for the 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.