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 was trading at $78,180 during Asian hours, representing 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.
However, the bounce 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 more successful week, with the S&P 500 closing 0.3% higher on Friday, marking its fifth consecutive weekly gain, driven by strong tech mega-cap earnings. The Nasdaq 100 advanced 0.9% to a record high, with Apple gaining 3.2% after releasing a better-than-expected revenue outlook, 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, with the Senate releasing the long-negotiated Clarity Act compromise text on Friday, ending months of negotiations between crypto firms and bank lobbyists.
The agreement, facilitated 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 structure as incentives for using their platforms. Coinbase immediately 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.' A markup, the Senate Banking Committee hearing where the bill is formally debated and amended, can now proceed, clearing the way for the legislation to advance further in the Senate. The Treasury and the CFTC will have a year after the bill becomes law to establish detailed rules around what crypto firms can and cannot do with yield products. Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, noted that Bitcoin's range-bound trading reflects broader macro indecision rather than crypto-specific weakness, citing ETF outflows and softer demand as symptoms.
Reis-Faria stated, '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 close to 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 setup heading into next week remains the same as it has all 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.