The S&P 500 achieved a new record high, while Bitcoin briefly approached the $80,000 mark earlier on Saturday. The largest cryptocurrency traded at $78,180 during Asian hours, marking a 0.8% weekly increase and recovering from a Wednesday low of approximately $75,500, which was triggered by reports of heightened military tensions in Iran. However, the situation improved with news of a potential ceasefire proposal, leading to a decline in WTI crude prices.
The equity market experienced a strong week, with the S&P 500 closing 0.3% higher on Friday, marking its fifth consecutive weekly gain, driven by impressive earnings from tech giants. The Nasdaq 100 also reached a record high, with Apple and Oracle experiencing significant gains. A major development in the crypto space was the release of the Clarity Act compromise text, which bans stablecoin issuers from offering yield-based rewards but preserves activity-based reward programs. This agreement has been met with support from crypto firms, including Coinbase, and paves the way for the legislation to advance in the Senate.
According to experts, Bitcoin's range-bound trading reflects broader macroeconomic uncertainty rather than crypto-specific weaknesses, with institutions adopting a wait-and-see approach. Other major cryptocurrencies experienced mixed results, with Ether, XRP, and Solana remaining relatively flat, while Dogecoin saw a significant increase in value.