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 near $75,500 that was triggered by reports of escalating military tensions in Iran.
The rebound coincided with Friday's reports of a proposed ceasefire transmitted by Tehran to Washington through Pakistan, resulting in a nearly 3% decline in WTI crude oil prices to around $102 per barrel. Equities experienced a stronger 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 giants. The Nasdaq 100 advanced 0.9% to a record high, with Apple gaining 3.2% after exceeding revenue expectations and Oracle climbing 6.5% following news of its collaboration with the Pentagon's classified networks on AI projects. A significant development in crypto policy occurred with the Senate's release of the long-negotiated Clarity Act compromise text on Friday, concluding months of negotiations between crypto firms and banking lobbyists.
The agreement, brokered by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield solely based on holding reserves but preserves reward programs tied to platform activity. Coinbase, a central figure in the negotiations, expressed support for the compromise, with Chief Legal Officer Paul Grewal stating that the language preserves activity-based rewards for real participation on crypto platforms.
The Senate Banking Committee can now proceed with a markup, paving the way for the legislation to advance further in the Senate. The Treasury and CFTC will have a year to establish detailed rules for crypto firms regarding yield products after the bill becomes law.
Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, noted that Bitcoin's range-bound trading reflects broader macroeconomic uncertainty rather than crypto-specific weakness, citing ETF outflows and softer demand as indicators. Reis-Faria suggested that if institutional investment returns, Bitcoin could move higher quickly. Other major cryptocurrencies were mixed, with Ether holding near $2,310, XRP at $1.39, and Solana at $84.57, all relatively flat for the week. Dogecoin stood out with a nearly 10% weekly gain to $0.105, driven by a year-high in futures open interest earlier in the week.
The market setup heading into the next week remains unchanged, 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.