The S&P 500 achieved another record high, while Bitcoin made a notable attempt to reach the $80,000 mark earlier on Saturday. In Asian trading hours, the largest cryptocurrency was valued at $78,180, marking a 0.8% weekly increase and recovering from a Wednesday low near $75,500, which was prompted by reports of fresh Iran military escalation. However, the bounce occurred alongside Friday's reports that Tehran had proposed a new ceasefire to Washington through Pakistan, resulting in a nearly 3% decline in WTI crude to approximately $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 tech mega-cap earnings. 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.
A significant crypto development emerged on the policy front, 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, reached by Senators Thom Tillis and Angela Alsobrooks, prohibits stablecoin issuers from offering yield based solely on holding reserves but preserves activity-based reward programs that crypto firms use as incentives for platform usage. Coinbase, a central figure in the talks, expressed support, with Chief Legal Officer Paul Grewal stating that the language 'preserves activity-based rewards tied to real participation on crypto platforms and networks, which is what the bank lobby said they wanted.' A markup, the Senate Banking Committee hearing where the bill is formally debated and amended, can now proceed, clearing 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 around 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 indecision rather than crypto-specific weakness, pointing to 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 money starts flowing back in, especially from institutions or through ETFs, 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 for the week. Dogecoin was a standout, increasing nearly 10% for 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 all month, with Bitcoin requiring a fresh catalyst to break decisively above $78,000, and the most likely sources, such as Fed clarity, ETF re-acceleration, or a Hormuz reopening, are outside the market's control.