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 recovering from a Wednesday low of approximately $75,500, which was triggered by reports of fresh military escalation in Iran.
The subsequent rebound coincided with 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 at an all-time high, marking its fifth consecutive weekly gain driven by strong earnings from tech giants. The Nasdaq 100 also advanced 0.9% to a record high, with Apple gaining 3.2% following a better-than-expected revenue outlook and Oracle climbing 6.5% after announcing its collaboration with the Pentagon's classified networks.
A significant development in the crypto space was the release of the long-negotiated Clarity Act compromise text by the Senate, which ended 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 solely based on holding reserves but allows activity-based reward programs that crypto firms use as incentives for platform usage. Coinbase, a central figure in the talks, 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. 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 CFTC will have a year after the bill becomes law to establish detailed rules for crypto firms regarding 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 emphasized that this does not indicate institutions are leaving the market but rather that they are not increasing their exposure at present. If institutional investment or ETF inflows resume, Bitcoin can move higher quickly.
Other major cryptocurrencies were mixed, with Ether holding at $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat over the week. Dogecoin was the standout performer, increasing nearly 10% over the week to $0.105, with futures open interest reaching a year-high earlier in the week. The setup heading into the next week remains the same as it has been all month, with Bitcoin requiring a fresh 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.