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 was trading at $78,180 during Asian hours, marking a 0.8% increase over the week and a recovery from its Wednesday low of approximately $75,500, which was triggered by reports of heightened military tensions in Iran. The subsequent bounce coincided with news of Tehran's proposed ceasefire, relayed to Washington through Pakistan, resulting in a nearly 3% decline in WTI crude prices to around $102 per barrel. Equities experienced a more successful week, with the S&P 500 closing 0.3% higher on Friday, achieving an all-time high and marking its fifth consecutive weekly gain, largely driven by strong earnings from tech giants.
The Nasdaq 100 also advanced, reaching a record high, with Apple and Oracle experiencing significant gains. A major development in the crypto space was the Senate's release of the long-negotiated Clarity Act compromise, which would prohibit stablecoin issuers from offering yield-based products solely reliant on reserve holdings, while preserving reward programs tied to platform activity.
This agreement has been met with support from crypto firms, including Coinbase, and paves the way for the legislation to progress further in the Senate. According to experts, Bitcoin's range-bound trading is a reflection of broader macroeconomic uncertainty rather than crypto-specific weakness, with institutions adopting a wait-and-see approach. Other major cryptocurrencies experienced mixed results, with Ether, XRP, and Solana remaining relatively flat, while Dogecoin stood out with a nearly 10% increase. The outlook for the upcoming week remains unchanged, with Bitcoin requiring a new catalyst to break decisively above $78,000, and potential sources of momentum, such as Fed clarity or ETF re-acceleration, remaining outside the market's control.