The S&P 500 has achieved another record high, while Bitcoin briefly approached the $80,000 mark earlier on Saturday. As of Asian trading hours, the largest cryptocurrency was valued at $78,180, representing a 0.8% weekly increase, having recovered from a Wednesday low of approximately $75,500 triggered by reports of military escalation in Iran. This rebound coincided with news of a potential ceasefire proposal from Tehran to Washington, which led to a nearly 3% decline in WTI crude prices to around $102 per barrel.
The equities market experienced a stronger week, with the S&P 500 closing 0.3% higher on Friday, marking its fifth consecutive weekly gain, driven by robust earnings from tech giants. The Nasdaq 100 also reached a new high, advancing 0.9%, with Apple and Oracle experiencing significant gains of 3.2% and 6.5%, respectively. A major development in the crypto space was the release of the Clarity Act compromise text by the Senate, which, after months of negotiation, outlines a ban on stablecoin issuers offering yield solely based on reserve holdings, while preserving reward programs tied to platform activity. This agreement paves the way for the Senate Banking Committee to proceed with a markup, allowing the legislation to advance further.
The Treasury and CFTC will have a year to establish detailed rules for crypto firms' yield products once the bill is enacted. According to Daniel Reis-Faria, CEO of ZeroStack, Bitcoin's trading range reflects broader macroeconomic uncertainty rather than crypto-specific weakness, citing ETF outflows and softer demand as indicators.
Reis-Faria suggests that if institutional investment returns, Bitcoin could experience a rapid increase. Other major cryptocurrencies showed mixed results, with Ether, XRP, and Solana remaining relatively flat, while Dogecoin stood out with a nearly 10% weekly gain and a year-high in futures open interest. Heading into the next week, the market setup remains unchanged, with Bitcoin requiring a new 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.