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, marking 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 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% on news of its collaboration with the Pentagon's classified networks. A significant development in the crypto space was the policy agreement reached by the Senate.
The long-negotiated Clarity Act compromise text was released on Friday, ending months of discussions between crypto firms and bank lobbyists. The agreement, negotiated 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 participation. Coinbase, a central figure in the negotiations, expressed support for the agreement, 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 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 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. 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 on the week.
Dogecoin stood out, increasing nearly 10% on the week to $0.105, with futures open interest reaching a year-high earlier in the week. The outlook heading into next week remains unchanged from the past 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.