The S&P 500 closed at a record high, while bitcoin briefly touched the $80,000 mark earlier on Saturday. The largest cryptocurrency was trading at $78,180 in Asian hours, up 0.8% for the week, having recovered from a Wednesday low near $75,500 triggered by reports of fresh military escalation in Iran. The recovery coincided with reports on Friday that Tehran had proposed a new ceasefire to Washington through Pakistan, leading to a nearly 3% drop 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 earnings from tech mega-caps.
The Nasdaq 100 advanced 0.9% to a new record, with Apple gaining 3.2% following a better-than-expected revenue outlook and Oracle climbing 6.5% after joining the list of AI firms collaborating with the Pentagon's classified networks. A significant development in crypto policy emerged, as the Senate released the long-negotiated Clarity Act compromise text on Friday, ending months of negotiations between crypto firms and bank lobbyists. The agreement would prohibit stablecoin issuers from offering yield based solely on holding reserves but would preserve activity-based reward programs that crypto firms use as incentives for platform participation. Coinbase 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, which is what the bank lobby said they wanted.' A markup can now proceed, paving the way for the legislation to advance further in the Senate.
The Treasury and CFTC would have a year after the bill becomes law to establish detailed rules governing 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 uncertainty rather than crypto-specific weakness, citing ETF outflows and softer demand as symptoms. Reis-Faria pointed out that '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 steady at $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat for the week. Dogecoin stood out, gaining nearly 10% for the week to $0.105, with futures open interest reaching a year-high earlier in the week.
The setup heading into next week remains unchanged, with bitcoin requiring a fresh catalyst to break decisively above $78,000, and the most likely sources – Fed clarity, ETF re-acceleration, or a Hormuz reopening – remaining outside the market's control.