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 military escalation in Iran.
The rebound coincided with news of a potential ceasefire proposal by Tehran, sent to Washington through Pakistan, resulting in a nearly 3% decline in WTI crude prices to around $102 per barrel. The equity market experienced a stronger week, with the S&P 500 closing 0.3% higher on Friday, reaching an all-time high and marking its fifth consecutive weekly gain, driven by robust earnings from tech giants. The Nasdaq 100 also advanced 0.9% to a new record, with Apple and Oracle experiencing significant gains. A significant development in the crypto space was the release of the long-negotiated Clarity Act compromise text by the Senate, which bans stablecoin issuers from offering yield-based products tied solely to reserve holdings but preserves incentive programs for platform usage.
The agreement has been met with support from Coinbase, paving the way for the legislation to progress in the Senate. According to Daniel Reis-Faria, CEO of ZeroStack, Bitcoin's range-bound trading reflects broader macroeconomic uncertainty rather than crypto-specific weaknesses, citing ETF outflows and softer demand as symptoms. Other major cryptocurrencies experienced mixed results, with Ether, XRP, and Solana trading relatively flat, while Dogecoin stood out with a nearly 10% weekly gain. 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 of this catalyst, including Fed clarity, ETF re-acceleration, or a Hormuz reopening, remaining outside the market's control.