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, representing a 0.8% weekly increase, after recovering from a Wednesday low of approximately $75,500 triggered by reports of fresh Iran military escalation. This 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 tech 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 occurred on the policy front, as the Senate released the long-negotiated Clarity Act compromise, ending months of negotiations between crypto firms and bank lobbyists. The agreement bans stablecoin issuers from offering yield based solely on holding reserves but preserves reward programs tied to platform activity.
Coinbase expressed support, with its Chief Legal Officer stating that the language preserves activity-based rewards, which is in line with the bank lobby's demands. A markup can now proceed, clearing 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 after the bill becomes law. 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 stated that institutions are not leaving the market, but rather not increasing their exposure, and that if money returns, 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 close to flat on the week. Dogecoin stood out, gaining nearly 10% on the week to $0.105, with futures open interest reaching a year-high earlier in the week. The setup heading into 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, including Fed clarity, ETF re-acceleration, or a Hormuz reopening, remaining outside the market's control.